Direxion Shares ETF Trust N-CSR Certified annual shareholder report (management investment company)

0001424958 tsr:C000090189Member tsr:bench2024102981015_2310Member 2024-10-31 0001424958 tsr:bench2024122690472_2323Member 2022-10-31 0001424958 tsr:bench2024122790634_2312Member 2020-10-31 0001424958 tsr:C000065890Member 2015-10-31 0001424958 tsr:C000082787Member 2019-11-01 2024-10-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22201

Direxion Shares ETF Trust

(Exact name of registrant as specified in charter)

1301 Avenue of the Americas (6^th Ave.), 28^th Floor

New York, NY 10019
(Address of principal executive offices) (Zip code)

Direxion Shares ETF Trust

1301 Avenue of the Americas (6^th Ave.), 28^th Floor

New York, NY 10019
(Name and address of agent for service)

1-800-851-0511

Registrant’s telephone number, including area code

Date of fiscal year end: October 31, 2024

Date of reporting period: October 31, 2024

Item 1. Reports to Stockholders.

(a) A copy of the reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (“Act”), is filed herewith.

	Direxion Auspice Broad Commodity Strategy ETF
	COM (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Auspice Broad Commodity Strategy ETF for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Auspice Broad Commodity Strategy ETF	$71	0.70%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Auspice Broad Commodity Strategy ETF seeks investment results, before fees and expenses, that track the Auspice Broad Commodity Index over a complete market cycle. The Auspice Broad Commodity Index seeks to capture the majority of the commodity upside returns, while seeking to mitigate downside risk. The Auspice Broad Commodity Index will use a quantitative methodology to track either long or flat positions in a diversified portfolio of 12 different commodity futures contracts, or “components”, which cover the energy, metal, and agricultural sectors. It attempts to incorporate dynamic risk management and contract rolling methods. For the Annual Period, the Auspice Broad Commodity Index returned -0.51%, while the Direxion Auspice Broad Commodity Strategy ETF returned 3.71%.

Commodities trended lower in 2023, and ended the year in red. Geopolitical tension has been a catalyst for commodity markets, as China, Ukraine, Russia, and other countries engulfed in conflict are important suppliers of different commodities, and issues in the supply chain can raise food prices. India is also playing a bigger role in commodity markets as demand increases due to population growth. As with the rest of the market, elevated inflation continued to plague commodities. Historically, higher inflation coincides with higher commodity prices, which played out over the course of the Annual Period. In 2024, metals led the group, with gold reaching all-time highs. Precious metals were especially strong performers, and COM ended the Annual Period long Gold and Silver. Agriculture and soft commodities were out of favor, and COM ended the Annual Period with very little exposure, being long only Sugar. Energy started out 2024 strong, but ended the Annual Period with poor performance, prompting COM to move out of all energy markets.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

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ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (03/30/2017)
Direxion Auspice Broad Commodity Strategy ETF	3.71	9.69	5.89
S&P 500® Index	38.02	15.27	14.28
Auspice Broad Commodity Index	-0.51	8.01	4.09

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$271,835,220
Number of Holdings	4
Net Advisory Fee	$1,344,204
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Futures Contracts	33%
Total (as % of net assets)	33%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Security Type	(%)
Short-Term Investments and Other Assets	99.0%
Futures Contracts	1.0%

Top Holdings	(%)
Dreyfus Government Cash Management Institutional Shares	98.0%
Gold February 2025 Futures	0.7%
Silver December 2024 Futures	0.5%
Sugar July 2025 Futures	0.1%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Auspice Broad Commodity Strategy ETF  PAGE 2  TSR-AR-25460E307

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	Direxion HCM Tactical Enhanced US ETF
	HCMT (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion HCM Tactical Enhanced US ETF for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion HCM Tactical Enhanced US ETF	$143	1.15%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF utilizes the HCM-BuyLine^®. The HCM-BuyLine^® is a tactical proprietary indicator that uses technical indicators to identify broad trends in the U.S. equity markets to determine whether to invest in U.S. equity securities or cash and cash equivalents. The objective is to try to generate outperformance when U.S. equity markets are trending higher, and as a result, it has higher risk/return characteristics.  The Fund will utilize leverage to achieve total exposure of up to 200% of the Fund’s net assets to the S&P Allocation, NASDAQ Allocation, and the Sector Allocation (together, the “Allocations”). A Sector Allocation of less than 40% may result in the Fund having less than 200% total exposure each day. When the Fund is invested in the U.S. equities market, the Fund will utilize leverage of up to 200% on a daily basis and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from up to 200% of the daily performance of the Allocations, before fees and expenses.

The Direxion HCM Tactical Enhanced U.S. Equity Strategy (HCMT) ETF was able to outperform the S&P 500 and Nasdaq 100 based on its enhanced equity exposure to the broader markets and a satellite position in the tech sector over the Annual Period. The large cap mega cap names, led by tech, continue to be at the forefront, and the Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF was well-positioned to take advantage of this. For the Annual Period, the S&P 500^® Index returned 38.02%, while the Direxion HCM Tactical Enhanced U.S. ETF returned 49.31%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

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ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (06/22/2023)
Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF	49.31	27.50
S&P 500® Index	38.02	23.48
NASDAQ-100® Index	39.19	24.82

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$388,622,719
Number of Holdings	509
Net Advisory Fee	$3,137,384
Portfolio Turnover	191%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	106%
Common Stocks	80%
Total (as % of net assets)	186%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Security Type	(%)
Common Stocks	80.0%
Short-Term Investments and Other Assets	16.0%
Total Return Swap Contracts	4.0%

Top Holdings	(%)
Apple, Inc.	5.7%
NVIDIA Corp.	5.4%
Microsoft Corp.	5.0%
Amazon.com, Inc.	2.9%
Meta Platforms, Inc.	2.1%
Alphabet, Inc.	1.7%
Alphabet, Inc. Class C	1.4%
Berkshire Hathaway, Inc. Class B	1.4%
Broadcom, Inc.	1.3%
Tesla, Inc.	1.2%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

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	Direxion NASDAQ-100® Equal Weighted Index Shares
	QQQE (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion NASDAQ-100® Equal Weighted Index Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion NASDAQ-100® Equal Weighted Index Shares	$40	0.35%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion NASDAQ-100^® Equal Weighted Index Shares seeks investment results, before fees and expenses, that track the NASDAQ-100^® Equal Weighted Index. The NASDAQ-100^® Equal Weighted Index is the equal weighted version of the NASDAQ-100^® Index which includes approximately 100 of the largest domestic and international non-financial companies listed on the NASDAQ^® Stock Market based on market capitalization selected by NASDAQ, Inc., the Index Provider. Equal weighting is a method of weighting index stocks whereby the same exposure is provided to both the smallest and largest companies included in the Index. The Index is rebalanced quarterly and reconstituted annually. For the Annual Period, the NASDAQ-100^® Equal Weighted Index returned 26.35%, while the Direxion NASDAQ-100^® Equal Weighted Index Shares returned 26.04%.

QQQE had a strong Annual Period, as technology was widely in favor, although there were periods of volatility, and the Annual Period ended with nearly 40% of the fund in the tech sector. Consumer discretionary names made up over 12% of the portfolio, and had a strong showing, with names such as Doordash and Booking Holdings in the top 10 performers. The top performers for QQQE over the course of the Annual Period were Nvidia, returning 213.76%, ARM Holdings, returning 179.69%, and Constellation Energy, returning 130.74%. The worst performing names were Dollar Tree Inc, returning -42.02%, Intel Corp., returning -41.31%, and Moderna Inc., returning -28.66%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

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ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion NASDAQ-100® Equal Weighted Index Shares	26.04	13.27	12.51
S&P 500® Index	38.02	15.27	13.00
NASDAQ-100® Equal Weighted Index	26.35	13.61	12.88

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$1,278,182,402
Number of Holdings	102
Net Advisory Fee	$3,525,210
Portfolio Turnover	34%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Common Stocks	100%
Total (as % of net assets)	100%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Information Technology	38.5%
Consumer Discretionary	12.7%
Health Care	11.3%
Communication Services	10.6%
Industrials	10.3%
Consumer Staples	7.6%
Utilities	4.0%
Energy	2.0%
Financials	1.1%
Materials	1.0%
Real Estate	0.9%

Top 10 Constituents of Index	(%)
Pinduoduo, Inc. ADR	1.2%
Atlassian Corp.	1.2%
Booking Holdings, Inc.	1.2%
NVIDIA Corp.	1.1%
Lululemon Athletica, Inc.	1.1%
DoorDash, Inc.	1.1%
T-Mobile US, Inc.	1.1%
Fastenal Co.	1.1%
Illumina, Inc.	1.1%
The Trade Desk, Inc.	1.1%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

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	Direxion Work From Home ETF
	WFH (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Work From Home ETF for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Work From Home ETF	$52	0.45%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Work From Home ETF seeks investment results, before fees and expenses, that track the Solactive Remote Work Index. The Solactive Remote Work Index is comprised of U.S. listed securities and American Depository Receipts (ADRs) of companies that provide products and services in at least one of the following business segments that facilitate the ability of people to work from home: remote communications, cyber security, online project and document management, and cloud computing technologies (“WFH Industries”). The Index consists of approximately 40 companies, namely, the top 10 ranked companies in each of the four WFH Industries. The Index is equal weighted at each semi-annual reconstitution and rebalance date. For the Annual Period, the Solactive Remote Work Index returned 31.77%, while the Direxion Work From Home ETF returned 31.94%.

WFH had a strong Annual Period, as it was highly weighted toward the technology, with over 80% of the fund in the tech sector. The top performers for WFH over the course of the Annual Period were Broadcom, returning 102.08%, DigitalOcean Holdings, returning 99.70%, and Meta Platforms, returning 82.55%. The worst performing names were Xerox Holdings, returning -32.85%, Joyy Inc., returning -13.56%, and Adobe Inc., returning -12.20%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (06/25/2020)
Direxion Work From Home ETF	31.94	4.63
S&P 500® Index	38.02	17.26
Solactive Remote Work Index	31.77	4.74

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Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$23,579,493
Number of Holdings	41
Net Advisory Fee	$109,525
Portfolio Turnover	33%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Common Stocks	100%
Total (as % of net assets)	100%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Software	55.9%
Interactive Media & Services	10.1%
IT Services	9.8%
Semiconductors & Semiconductor Equipment	5.2%
Communications Equipment	5.0%
Technology Hardware, Storage & Peripherals	4.0%
Media	2.8%
Broadline Retail	2.5%
Diversified Telecommunication Services	2.4%
Electronic Equipment, Instruments & Components	2.3%

Top 10 Constituents of Index	(%)
RingCentral, Inc.	2.9%
DocuSign, Inc.	2.8%
Oracle Corp.	2.8%
Smartsheet, Inc.	2.8%
Altice USA, Inc.	2.8%
Salesforce, Inc.	2.7%
Pegasystems, Inc.	2.7%
Atlassian Corp.	2.7%
Datadog, Inc.	2.7%
Zscaler, Inc.	2.7%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Work From Home ETF  PAGE 2  TSR-AR-25460G773

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	Direxion Daily S&P 500® Bear 1X Shares
	SPDN (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily S&P 500® Bear 1X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily S&P 500® Bear 1X Shares	$40	0.45%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily S&P 500^® Bear 1X Shares seeks to provide -100% of the daily return of the S&P 500^® Index. The S&P 500^® Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor’s^® selects the stocks comprising the S&P 500^® Index on the basis of market capitalization, financial viability of the company and the public float, liquidity and price of a company’s shares outstanding. The index is a float-adjusted market capitalization-weighted index. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the S&P 500^® Index returned 38.02%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily S&P 500^® Bear 1X Shares returned -21.21%, while the model indicated an expected return of -28.64%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (06/08/2016)
Direxion Daily S&P 500® Bear 1X Shares	-21.21	-13.45	-12.49
S&P 500® Index	38.02	15.27	14.56

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

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* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$147,307,909
Number of Holdings	4
Net Advisory Fee	$529,007
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-100%
Total (as % of net assets)	-100%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Information Technology	31.7%
Financials	13.4%
Health Care	11.1%
Consumer Discretionary	10.0%
Communication Services	9.1%
Industrials	8.5%
Consumer Staples	5.8%
Energy	3.4%
Utilities	2.5%
Real Estate	2.3%
Materials	2.2%

Top 10 Constituents of Index	(%)
Apple, Inc.	7.1%
NVIDIA Corp.	6.8%
Microsoft Corp.	6.3%
Amazon.com, Inc.	3.6%
Meta Platforms, Inc.	2.6%
Alphabet, Inc.	2.1%
Alphabet, Inc. Class C	1.7%
Berkshire Hathaway, Inc. Class B	1.7%
Broadcom, Inc.	1.6%
Tesla, Inc.	1.4%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -100% of the return of the benchmark’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

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	Direxion Daily AAPL Bear 1X Shares
	AAPD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily AAPL Bear 1X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily AAPL Bear 1X Shares	$84	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily AAPL Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Apple Inc. (NASDAQ: AAPL). Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the common shares of Apple Inc. returned 32.29%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETF. The Direxion Daily AAPL Bear 1X Shares returned -22.47%, while the model indicated an expected return of -28.57%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (08/09/2022)
Direxion Daily AAPL Bear 1X Shares	-22.47	-13.03
S&P 500® Index	38.02	17.30
Apple Inc.	32.29	15.26

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

Direxion Daily AAPL Bear 1X Shares  PAGE 1  TSR-AR-25461A304

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$25,497,898
Number of Holdings	9
Net Advisory Fee	$230,548
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-100%
Total (as % of net assets)	-100%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual performance information, the Fund should not be expected to provide -100% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AAPL Bear 1X Shares  PAGE 2  TSR-AR-25461A304

10495944973259389103411427393161037513725

	Direxion Daily AMZN Bear 1X Shares
	AMZD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily AMZN Bear 1X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily AMZN Bear 1X Shares	$82	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily AMZN Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Amazon.com, Inc. (NASDAQ: AMZN). Amazon.com, Inc. engages in the retail sale of consumer products and subscriptions in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the common shares of Amazon.com, Inc. returned 40.06%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETF. The Direxion Daily AMZN Bear 1X Shares returned -27.68%, while the model indicated an expected return of -33.33%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (09/07/2022)
Direxion Daily AMZN Bear 1X Shares	-27.68	-19.95
S&P 500® Index	38.02	21.09
Amazon.com, Inc.	40.06	19.92

Direxion Daily AMZN Bear 1X Shares  PAGE 1  TSR-AR-25461A502

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$4,136,516
Number of Holdings	5
Net Advisory Fee	$9,829
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-100%
Total (as % of net assets)	-100%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual performance information, the Fund should not be expected to provide -100% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AMZN Bear 1X Shares  PAGE 2  TSR-AR-25461A502

11948856961969929109361509381231055314781

	Direxion Daily AVGO Bear 1X Shares
	AVS (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily AVGO Bear 1X Shares for the period of October 10, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily AVGO Bear 1X Shares	$6*	0.95%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$2,731,746
Number of Holdings	8
Net Advisory Fee	$0
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-100%
Total (as % of net assets)	-100%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual performance information, the Fund should not be expected to provide -100% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily AVGO Bear 1X Shares  PAGE 1  TSR-AR-25461A551

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AVGO Bear 1X Shares  PAGE 2  TSR-AR-25461A551

	Direxion Daily GOOGL Bear 1X Shares
	GGLS (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily GOOGL Bear 1X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily GOOGL Bear 1X Shares	$82	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily GOOGL Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the class A shares of Alphabet Inc. (NASDAQ: GOOGL). Alphabet Inc. provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the common shares of Alphabet Inc. returned 37.90%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETF. The Direxion Daily GOOGL Bear 1X Shares returned -26.68%, while the model indicated an expected return of -32.47%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (09/07/2022)
Direxion Daily GOOGL Bear 1X Shares	-26.68	-21.39
S&P 500® Index	38.02	21.09
Alphabet Inc.	37.90	24.50

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

Direxion Daily GOOGL Bear 1X Shares  PAGE 1  TSR-AR-25461A601

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$4,116,235
Number of Holdings	6
Net Advisory Fee	$8,812
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-100%
Total (as % of net assets)	-100%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual performance information, the Fund should not be expected to provide -100% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily GOOGL Bear 1X Shares  PAGE 2  TSR-AR-25461A601

11072812859609929109361509388481161716020

	Direxion Daily META Bear 1X Shares
	METD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily META Bear 1X Shares for the period of June 5, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily META Bear 1X Shares	$35*	0.95%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$6,197,898
Number of Holdings	6
Net Advisory Fee	$0
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-100%
Total (as % of net assets)	-100%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual performance information, the Fund should not be expected to provide -100% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily META Bear 1X Shares  PAGE 1  TSR-AR-25461A106

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily META Bear 1X Shares  PAGE 2  TSR-AR-25461A106

	Direxion Daily MSFT Bear 1X Shares
	MSFD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily MSFT Bear 1X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily MSFT Bear 1X Shares	$88	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily MSFT Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Microsoft Corporation (NASDAQ: MSFT). Microsoft Corporation develops, licenses, and supports software, services, devices, and solutions worldwide. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the common shares of Microsoft Corporation returned 20.18%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSFT Bear 1X Shares returned -13.83%, while the model indicated an expected return of -20.57%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (09/07/2022)
Direxion Daily MSFT Bear 1X Shares	-13.83	-19.84
S&P 500® Index	38.02	21.09
Microsoft Corporation	20.18	24.75

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

Direxion Daily MSFT Bear 1X Shares  PAGE 1  TSR-AR-25461A403

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$7,882,824
Number of Holdings	6
Net Advisory Fee	$41,188
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-100%
Total (as % of net assets)	-100%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual performance information, the Fund should not be expected to provide -100% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSFT Bear 1X Shares  PAGE 2  TSR-AR-25461A403

10688721162159929109361509391921338816091

	Direxion Daily MU Bear 1X Shares
	MUD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily MU Bear 1X Shares for the period of October 10, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily MU Bear 1X Shares	$6*	0.95%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$2,534,585
Number of Holdings	6
Net Advisory Fee	$0
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-100%
Total (as % of net assets)	-100%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual performance information, the Fund should not be expected to provide -100% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily MU Bear 1X Shares  PAGE 1  TSR-AR-25461A510

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MU Bear 1X Shares  PAGE 2  TSR-AR-25461A510

	Direxion Daily NFLX Bear 1X Shares
	NFXS (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily NFLX Bear 1X Shares for the period of October 3, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily NFLX Bear 1X Shares	$7*	0.95%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$4,657,331
Number of Holdings	8
Net Advisory Fee	$0
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-100%
Total (as % of net assets)	-100%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual performance information, the Fund should not be expected to provide -100% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily NFLX Bear 1X Shares  PAGE 1  TSR-AR-25461A205

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily NFLX Bear 1X Shares  PAGE 2  TSR-AR-25461A205

	Direxion Daily NVDA Bear 1X Shares
	NVDD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily NVDA Bear 1X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily NVDA Bear 1X Shares	$60	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily NVDA Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of NVIDIA Corporation (NASDAQ: NVDA). NVIDIA Corporation operates as a visual computing company worldwide. It operates in two segments, graphics and compute and networking. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the common shares of NVIDIA Corporation returned 225.65%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETF. The Direxion Daily NVDA Bear 1X Shares returned -74.61%, while the model indicated an expected return of -76.66%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (09/13/2023)
Direxion Daily NVDA Bear 1X Shares	-74.61	-67.73
S&P 500® Index	38.02	25.98
NVIDIA Corporation	225.65	157.19

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

Direxion Daily NVDA Bear 1X Shares  PAGE 1  TSR-AR-25461A700

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$29,659,103
Number of Holdings	9
Net Advisory Fee	$85,182
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-100%
Total (as % of net assets)	-100%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual performance information, the Fund should not be expected to provide -100% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily NVDA Bear 1X Shares  PAGE 2  TSR-AR-25461A700

109122772941512994896629196

	Direxion Daily TSLA Bear 1X Shares
	TSLS (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily TSLA Bear 1X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily TSLA Bear 1X Shares	$71	0.88%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily TSLA Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Tesla, Inc. (NASDAQ: TSLA). Tesla, Inc. designs, manufactures and sells electric vehicles and electric vehicle powertrain components. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the common shares of Tesla, Inc. returned 24.40%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETF. The Direxion Daily TSLA Bear 1X Shares returned -38.26%, while the model indicated an expected return of -42.89%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (08/09/2022)
Direxion Daily TSLA Bear 1X Shares	-38.26	-18.39
S&P 500® Index	38.02	17.30
Tesla, Inc.	24.40	-6.52

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

Direxion Daily TSLA Bear 1X Shares  PAGE 1  TSR-AR-25460G260

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$44,021,932
Number of Holdings	7
Net Advisory Fee	$384,239
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-100%
Total (as % of net assets)	-100%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual performance information, the Fund should not be expected to provide -100% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily TSLA Bear 1X Shares  PAGE 2  TSR-AR-25460G260

1208410295635693891034114273783569158603

	Direxion Daily TSM Bear 1X Shares
	TSMZ (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily TSM Bear 1X Shares for the period of October 3, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily TSM Bear 1X Shares	$7*	0.95%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$3,993,268
Number of Holdings	7
Net Advisory Fee	$0
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-100%
Total (as % of net assets)	-100%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provide annual performance information, the Fund should not be expected to provide -100% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily TSM Bear 1X Shares  PAGE 1  TSR-AR-25461A536

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily TSM Bear 1X Shares  PAGE 2  TSR-AR-25461A536

	Direxion Daily Crypto Industry Bear 1X Shares
	REKT (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Crypto Industry Bear 1X Shares for the period of July 17, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Crypto Industry Bear 1X Shares	$13*	0.45%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$2,592,897
Number of Holdings	5
Net Advisory Fee	$0
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-100%
Total (as % of net assets)	-100%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Top 10 Constituents of Index	(%)
PayPal Holdings, Inc.	10.0%
NVIDIA Corp.	8.7%
MasterCard, Inc. Class A.	8.5%
Visa, Inc. Class A	8.2%
Advanced Micro Devices, Inc.	7.0%
Interactive Brokers Group, Inc.	5.7%
Coinbase Global, Inc.	5.6%
NU Holdings Ltd. ADR	5.3%
Shift4 Payments, Inc.	5.2%
Globant SA ADR	5.0%

Index Composition	(%)
Financial Services	39.3%
Capital Markets	15.8%
Semiconductors & Semiconductor Equipment	15.6%
Software	14.1%
Banks	5.3%
IT Services	5.0%
Hotels, Restaurants & Leisure	4.2%
Consumer Finance	0.4%
Specialty Retail	0.3%

Direxion Daily Crypto Industry Bear 1X Shares  PAGE 1  TSR-AR-25461A585

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -100% of the return of the benchmark’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Crypto Industry Bear 1X Shares  PAGE 2  TSR-AR-25461A585

	Direxion Daily Magnificent 7 Bear 1X Shares
	QQQD (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Magnificent 7 Bear 1X Shares for the period of March 7, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523. This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Magnificent 7 Bear 1X Shares	$27*	0.45%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Magnificent 7 Bear 1X Shares seeks to provide -100% of the daily return of the Indxx Magnificent 7 Index. The Indxx Magnificent 7 Index is provided by Indxx and is designed to track the performance of seven of the leading NASDAQ listed companies, as identified by Indxx. The Magnificent 7 is comprised of the following companies: Apple, Alphabet, Microsoft, Amazon, Nvidia, Tesla, and Meta. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. From March 7, 2024 (the inception date of the Fund) through October 31, 2024, the Indxx Magnificent 7 Index (formerly, the Indxx Front of the Q Index) returned 26.19%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. Since inception, the Direxion Daily Magnificent 7 Bear 1X Shares (formerly the Direxion Daily Concentrated Qs Bear 1X Shares) returned -18.69%, while the model indicated an expected return of -24.04%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Magnificent 7 Bear 1X Shares  PAGE 1  TSR-AR-25461A668

TOTAL RETURN (%)

	Since Inception (03/07/2024)
Direxion Daily Magnificent 7 Bear 1X Shares	-18.69
S&P 500® Index	12.73
Indxx Magnificent 7 Index	26.19

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$2,452,865
Number of Holdings	6
Net Advisory Fee	$0
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-100%
Total (as % of net assets)	-100%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Interactive Media & Services	28.8%
Semiconductors & Semiconductor Equipment	16.0%
Automobiles	14.7%
Technology Hardware, Storage & Peripherals	13.8%
Broadline Retail	13.6%
Software	13.1%

Top 10 Constituents of Index	(%)
NVIDIA Corp.	16.0%
Tesla, Inc.	14.7%
Alphabet, Inc.	14.6%
Meta Platforms, Inc.	14.1%
Apple, Inc.	13.9%
Amazon.com, Inc.	13.6%
Microsoft Corp.	13.1%

MATERIAL CHANGES

On August 1, 2024, the name of the index that the Fund tracks was renamed from the Indxx Front of the Q Index to Indxx Magnificent 7 Index. Effective September 13, 2024, the Fund was renamed from Direxion Daily Concentrated Qs Bear 1X Shares to Direxion Daily Magnificent 7 Bear 1X Shares.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse (-1X) investment results, understand the risks associated with the use of shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -100% of the return of the benchmark’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Magnificent 7 Bear 1X Shares  PAGE 2  TSR-AR-25461A668

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Magnificent 7 Bear 1X Shares  PAGE 3  TSR-AR-25461A668

81331127312619

	Direxion Daily AAPL Bull 2X Shares
	AAPU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily AAPL Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523. This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily AAPL Bull 2X Shares	$114	0.89%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily AAPL Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Apple Inc. (NASDAQ: AAPL). Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the common shares of Apple Inc. returned 32.29%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETF. From November 1, 2023 through April 1, 2024, the Direxion Daily AAPL Bull 2X Shares (formerly, the Direxion Daily AAPL Bull 1.5X Shares) returned -3.44%, while the model indicated an expected return of -0.82%. From April 2, 2024 through October 31, 2024, the Direxion Daily AAPL Bull 2X Shares returned 61.27%, while the model indicated an expected return of 71.20%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily AAPL Bull 2X Shares  PAGE 1  TSR-AR-25461A874

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (08/09/2022)
Direxion Daily AAPL Bull 2X Shares	55.72	19.40
S&P 500® Index	38.02	17.30
Apple Inc.	32.29	15.26

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$98,080,147
Number of Holdings	10
Net Advisory Fee	$590,936
Portfolio Turnover	30%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	179%
Common Stocks	21%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

MATERIAL CHANGES

From November 1, 2023 through April 1, 2024, the Fund was named Direxion Daily AAPL Bull 1.5X Shares and sought daily investment results, before fees and expenses, of 150% of the performance of the common shares of Apple Inc. Effective April 2, 2024, the Fund was renamed Direxion Daily AAPL Bull 2X Shares and seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Apple Inc.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AAPL Bull 2X Shares  PAGE 2  TSR-AR-25461A874

87529535148509389103411427393161037513725

	Direxion Daily AMZN Bull 2X Shares
	AMZU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily AMZN Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523. This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily AMZN Bull 2X Shares	$107	0.87%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily AMZN Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Amazon.com, Inc. (NASDAQ: AMZN). Amazon.com, Inc. engages in the retail sale of consumer products and subscriptions in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the common shares of Amazon.com, Inc. returned 40.06%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETF. From November 1, 2023 through April 1, 2024, the Direxion Daily AMZN Bull 2X Shares (formerly, the Direxion Daily AMZN Bull 1.5X Shares) returned 52.86%, while the model indicated an expected return of 57.18%. From April 2, 2024 through October 31, 2024, the Direxion Daily AMZN Bull 2X Shares returned -5.13%, while the model indicated an expected return of 1.34%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily AMZN Bull 2X Shares  PAGE 1  TSR-AR-25461A858

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (09/07/2022)
Direxion Daily AMZN Bull 2X Shares	45.02	15.57
S&P 500® Index	38.02	21.09
Amazon.com, Inc.	40.06	19.92

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$158,437,015
Number of Holdings	6
Net Advisory Fee	$797,955
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	185%
Common Stocks	15%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

MATERIAL CHANGES

From November 1, 2023 through April 1, 2024, the Fund was named Direxion Daily AMZN Bull 1.5X Shares and sought daily investment results, before fees and expenses, of 150% of the performance of the common shares of Amazon.com, Inc. Effective April 2, 2024, the Fund was renamed Direxion Daily AMZN Bull 2X Shares and seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Amazon.com, Inc.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AMZN Bull 2X Shares  PAGE 2  TSR-AR-25461A858

71589415136529929109361509381231055314781

	Direxion Daily AVGO Bull 2X Shares
	AVL (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily AVGO Bull 2X Shares for the period of October 10, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily AVGO Bull 2X Shares	$5*	0.95%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$4,105,373
Number of Holdings	9
Net Advisory Fee	$0
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	180%
Common Stocks	20%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily AVGO Bull 2X Shares  PAGE 1  TSR-AR-25461A569

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AVGO Bull 2X Shares  PAGE 2  TSR-AR-25461A569

	Direxion Daily GOOGL Bull 2X Shares
	GGLL (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily GOOGL Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523. This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily GOOGL Bull 2X Shares	$111	0.89%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily GOOGL Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the class A shares of Alphabet Inc. (NASDAQ: GOOGL). Alphabet Inc. provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the common shares of Alphabet Inc. returned 37.90%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETF. From November 1, 2023 through April 1, 2024, the Direxion Daily GOOGL Bull 2X Shares (formerly, the Direxion Daily GOOGL Bull 1.5X Shares) returned 35.02% while the model indicated an expected return of 38.81%. From April 2, 2024 through October 31, 2024, the Direxion Daily GOOGL Bull 2X Shares returned 9.97% while the model indicated an expected return of 16.93%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily GOOGL Bull 2X Shares  PAGE 1  TSR-AR-25461A841

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (09/07/2022)
Direxion Daily GOOGL Bull 2X Shares	48.48	26.00
S&P 500® Index	38.02	21.09
Alphabet Inc.	37.90	24.50

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$153,851,430
Number of Holdings	8
Net Advisory Fee	$614,630
Portfolio Turnover	52%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	190%
Common Stocks	10%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

MATERIAL CHANGES

From November 1, 2023 through April 1, 2024, the Fund was named Direxion Daily GOOGL Bull 1.5X Shares and sought daily investment results, before fees and expenses, of 150% of the performance of the common shares of Alphabet Inc. Effective April 2, 2024, the Fund was renamed Direxion Daily GOOGL Bull 2X Shares and seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Alphabet Inc.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily GOOGL Bull 2X Shares  PAGE 2  TSR-AR-25461A841

817011072164409929109361509388481161716020

	Direxion Daily META Bull 2X Shares
	METU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily META Bull 2X Shares for the period of June 5, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily META Bull 2X Shares	$45*	0.95%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$52,736,599
Number of Holdings	9
Net Advisory Fee	$44,903
Portfolio Turnover	9%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	192%
Common Stocks	8%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily META Bull 2X Shares  PAGE 1  TSR-AR-25461A809

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily META Bull 2X Shares  PAGE 2  TSR-AR-25461A809

	Direxion Daily MSFT Bull 2X Shares
	MSFU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily MSFT Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523. This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily MSFT Bull 2X Shares	$96	0.89%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily MSFT Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Microsoft Corporation (NASDAQ: MSFT). Microsoft Corporation develops, licenses, and supports software, services, devices, and solutions worldwide. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the common shares of Microsoft Corporation returned 20.18%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETF. From November 1, 2023 through April 1, 2024, the Direxion Daily MSFT Bull 2X Shares (formerly, Direxion Daily MSFT Bull 1.5X Shares) returned 37.31%, while the model indicated an expected return of 40.78%. From April 2, 2024 through October 31, 2024, the Direxion Daily MSFT Bull 2X Shares returned -15.19%, while the model indicated an expected return of -10.07%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily MSFT Bull 2X Shares  PAGE 1  TSR-AR-25461A866

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (09/07/2022)
Direxion Daily MSFT Bull 2X Shares	16.45	25.70
S&P 500® Index	38.02	21.09
Microsoft Corporation	20.18	24.75

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$159,322,398
Number of Holdings	9
Net Advisory Fee	$660,909
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	183%
Common Stocks	17%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

MATERIAL CHANGES

From November 1, 2023 through April 1, 2024, the Fund was named Direxion Daily MSFT Bull 1.5X Shares and sought daily investment results, before fees and expenses, of 150% of the performance of the common shares of Microsoft Corporation. Effective April 2, 2024, the Fund was renamed Direxion Daily MSFT Bull 2X Shares and seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Microsoft Corporation.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily MSFT Bull 2X Shares  PAGE 2  TSR-AR-25461A866

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSFT Bull 2X Shares  PAGE 3  TSR-AR-25461A866

861814043163549929109361509391921338816091

	Direxion Daily MU Bull 2X Shares
	MUU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily MU Bull 2X Shares for the period of October 10, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily MU Bull 2X Shares	$6*	0.95%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$5,297,801
Number of Holdings	9
Net Advisory Fee	$0
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	183%
Common Stocks	17%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily MU Bull 2X Shares  PAGE 1  TSR-AR-25461A528

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MU Bull 2X Shares  PAGE 2  TSR-AR-25461A528

	Direxion Daily NFLX Bull 2X Shares
	NFXL (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily NFLX Bull 2X Shares for the period of October 3, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily NFLX Bull 2X Shares	$8*	0.95%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$5,521,926
Number of Holdings	9
Net Advisory Fee	$0
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	186%
Common Stocks	14%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily NFLX Bull 2X Shares  PAGE 1  TSR-AR-25461A882

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily NFLX Bull 2X Shares  PAGE 2  TSR-AR-25461A882

	Direxion Daily NVDA Bull 2X Shares
	NVDU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily NVDA Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523. This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily NVDA Bull 2X Shares	$271	0.87%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily NVDA Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of NVIDIA Corporation (NASDAQ: NVDA). NVIDIA Corporation operates as a visual computing company worldwide. It operates in two segments, graphics and compute and networking. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the common shares of NVIDIA Corporation returned 225.65%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETF. From November 1, 2023 through April 1, 2024, the Direxion Daily NVDA Bull 2X Shares (formerly, the Direxion Daily NVDA Bull 1.5X Shares) returned 212.39%, while the model indicated an expected return of 220.75%. From April 2, 2024 through October 31, 2024, the Direxion Daily NVDA Bull 2X Shares returned 67.48%, while the model indicated an expected return of 78.44%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily NVDA Bull 2X Shares  PAGE 1  TSR-AR-25461A833

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (09/13/2023)
Direxion Daily NVDA Bull 2X Shares	423.18	273.66
S&P 500® Index	38.02	25.98
NVIDIA Corporation	225.65	157.19

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$655,746,547
Number of Holdings	10
Net Advisory Fee	$1,965,730
Portfolio Turnover	12%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	176%
Common Stocks	24%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

MATERIAL CHANGES

From November 1, 2023 through April 1, 2024, the Fund was named Direxion Daily NVDA Bull 1.5X Shares and sought daily investment results, before fees and expenses, of 150% of the performance of the common shares of NVIDIA Corporation. Effective April 2, 2024, the Fund was renamed Direxion Daily NVDA Bull 2X Shares and seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of NVIDIA Corporation.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily NVDA Bull 2X Shares  PAGE 2  TSR-AR-25461A833

852444599941512994896629196

	Direxion Daily TSLA Bull 2X Shares
	TSLL (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily TSLA Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523. This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily TSLA Bull 2X Shares	$90	0.84%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily TSLA Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Tesla, Inc. (NASDAQ: TSLA). Tesla, Inc. designs, manufactures and sells electric vehicles and electric vehicle powertrain components. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the common shares of Tesla, Inc. returned 24.40%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the common shares alone should not generate expectations of annual performance of the ETF. From November 1, 2023 through April 1, 2024, the Direxion Daily TSLA Bull 2X Shares (formerly, the Direxion Daily TSLA Bull 1.5X Shares) returned -23.39%, while the model indicated an expected return of -21.05%. From April 2, 2024 through October 31, 2024, the Direxion Daily TSLA Bull 2X Shares returned 49.14%, while the model indicated an expected return of 59.94%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily TSLA Bull 2X Shares  PAGE 1  TSR-AR-25460G286

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (08/09/2022)
Direxion Daily TSLA Bull 2X Shares	14.26	-25.85
S&P 500® Index	38.02	17.30
Tesla, Inc.	24.40	-6.52

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$2,276,052,408
Number of Holdings	11
Net Advisory Fee	$9,172,700
Portfolio Turnover	77%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	176%
Common Stocks	24%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

MATERIAL CHANGES

From November 1, 2023 through April 1, 2024, the Fund was named Direxion Daily TSLA Bull 1.5X Shares and sought daily investment results, before fees and expenses, of 150% of the performance of the common shares of Tesla, Inc. Effective April 2, 2024, the Fund was renamed Direxion Daily TSLA Bull 2X Shares and seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Tesla, Inc.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily TSLA Bull 2X Shares  PAGE 2  TSR-AR-25460G286

66604492513393891034114273783569158603

	Direxion Daily TSM Bull 2X Shares
	TSMX (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLCNASDAQ)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily TSM Bull 2X Shares for the period of October 3, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily TSM Bull 2X Shares	$8*	0.95%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$22,190,049
Number of Holdings	8
Net Advisory Fee	$0
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	184%
Common Stocks	16%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the common shares’ cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily TSM Bull 2X Shares  PAGE 1  TSR-AR-25461A544

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily TSM Bull 2X Shares  PAGE 2  TSR-AR-25461A544

	Direxion Daily CSI 300 China A Share Bull 2X Shares
	CHAU (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily CSI 300 China A Share Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily CSI 300 China A Share Bull 2X Shares	$95	0.90%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily CSI 300 China A Share Bull 2X Shares seeks to provide 200% of the daily return of the CSI 300 Index. The CSI 300 Index is a modified free-float market capitalization weighted index comprised of the largest and most liquid stocks in the Chinese A-share market. Index constituent stocks must have been listed for more than three months (unless the stock’s average daily A-share market capitalization since its initial listing ranks among the top 30 of all A-shares) and must not be experiencing obvious abnormal fluctuations or market manipulations. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the CSI 300 Index returned 14.98%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily CSI 300 China A Share Bull 2X Shares returned 10.56%, while the model indicated an expected return 18.34%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily CSI 300 China A Share Bull 2X Shares  PAGE 1  TSR-AR-25490K869

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (04/16/2015)
Direxion Daily CSI 300 China A Share Bull 2X Shares	10.56	-4.37	-8.36
S&P 500® Index	38.02	15.27	13.04
CSI 300 Index	14.98	1.88	-0.64

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$332,272,774
Number of Holdings	10
Net Advisory Fee	$607,839
Portfolio Turnover	22%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	139%
Investment Companies	61%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Financials	24.2%
Information Technology	17.7%
Industrials	15.7%
Consumer Staples	11.0%
Materials	7.9%
Consumer Discretionary	7.1%
Health Care	6.2%
Utilities	3.9%
Energy	3.0%
Communication Services	2.3%
Real Estate	1.0%

Top 10 Constituents of Index	(%)
Kweichow Moutai Co. Ltd.	4.8%
Contemporary Amperex Technology Co. Ltd.	3.3%
Ping An Insurance Group Comapny of China Ltd.	3.0%
China Merchants Bank Co. Ltd.	2.3%
Midea Group Co., Ltd.	1.7%
China Yangtze Power Co. Ltd.	1.7%
East Money Information Co. Ltd.	1.5%
Wuliangye Yibin Co. Ltd.	1.4%
Zijin Mining Group Co. Ltd.	1.4%
CITIC Securities Co. Ltd.	1.4%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily CSI 300 China A Share Bull 2X Shares  PAGE 2  TSR-AR-25490K869

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily CSI 300 China A Share Bull 2X Shares  PAGE 3  TSR-AR-25490K869

54284633715040015436829799813897393243479980104301289513842158251736224813211872333632208801572169015688285661108912343788881789403

	Direxion Daily CSI China Internet Index Bull 2X Shares
	CWEB (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily CSI China Internet Index Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily CSI China Internet Index Bull 2X Shares	$98	0.86%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily CSI China Internet Index Bull 2X Shares seeks to provide 200% of the daily return of the CSI Overseas China Internet Index. The CSI Overseas China Internet Index is provided by China Securities Index Co., LTD. The index is designed to measure the performance of the investable universe of publicly traded China-based companies whose primary business or businesses are in the internet and internet-related sectors, as defined by the index sponsor, China Securities Index Co., Ltd. A China-based company is a company that meets at least one of the following criteria: 1) the company is incorporated in mainland China; 2) its headquarters are in mainland China; or 3) at least 50% of the revenue from goods produced or sold, or services performed in mainland China. The Index Provider then removes securities that during the past year had a daily average trading value of less than $500,000 or a daily average market capitalization of less than $500 million. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the CSI Overseas China Internet Index returned 21.58%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily CSI China Internet Index Bull 2X Shares returned 28.26%, while the model indicated an expected return of 41.36%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily CSI China Internet Index Bull 2X Shares  PAGE 1  TSR-AR-25460G187

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (11/02/2016)
Direxion Daily CSI China Internet Index Bull 2X Shares	28.26	-30.03	-19.89
S&P 500® Index	38.02	15.27	15.24
CSI Overseas China Internet Index	21.58	-4.58	-0.57

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$375,263,971
Number of Holdings	9
Net Advisory Fee	$2,517,172
Portfolio Turnover	105%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	146%
Investment Companies	54%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Consumer Discretionary	46.4%
Communication Services	34.7%
Consumer Staples	5.7%
Real Estate	5.1%
Financials	4.2%
Industrials	3.7%
Health Care	0.2%

Top 10 Constituents of Index	(%)
Meituan Class B	10.6%
Tencent Holdings Ltd.	9.9%
Alibaba Group Holding Ltd.	9.4%
JD.com, Inc. Class A	7.4%
PDD Holdings, Inc.	6.1%
KE Holdings, Inc.	5.0%
Trip.com Group Ltd.	4.6%
Full Truck Alliance Co. Ltd.	3.7%
Bilibili, Inc. Class Z	3.7%
Baidu, Inc. Class A	3.5%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily CSI China Internet Index Bull 2X Shares  PAGE 2  TSR-AR-25460G187

196289413101222263381499351324169812448133621527616760239522045222527310911438410723120771928613118560478589554

	Direxion Daily S&P 500® Bull 2X Shares
	SPUU (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily S&P 500® Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily S&P 500® Bull 2X Shares	$83	0.60%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily S&P 500^® Bull 2X Shares seeks to provide 200% of the daily return of the S&P 500^® Index. The S&P 500^® Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor’s^® selects the stocks comprising the S&P 500^® Index on the basis of market capitalization, financial viability of the company and the public float, liquidity and price of a company’s shares outstanding. The index is a float-adjusted market capitalization-weighted index. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the S&P 500^® Index returned 38.02%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily S&P 500^® Bull 2X Shares returned 75.63%, while the model indicated an expected return of 87.57%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily S&P 500® Bull 2X Shares	75.63	22.37	20.10
S&P 500® Index	38.02	15.27	13.00

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown

Direxion Daily S&P 500® Bull 2X Shares  PAGE 1  TSR-AR-25459Y165

and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$152,056,909
Number of Holdings	509
Net Advisory Fee	$841,745
Portfolio Turnover	20%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	105%
Common Stocks	95%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Information Technology	31.7%
Financials	13.4%
Health Care	11.1%
Consumer Discretionary	10.0%
Communication Services	9.1%
Industrials	8.5%
Consumer Staples	5.8%
Energy	3.4%
Utilities	2.5%
Real Estate	2.3%
Materials	2.2%

Top 10 Constituents of Index	(%)
Apple, Inc.	7.1%
NVIDIA Corp.	6.8%
Microsoft Corp.	6.3%
Amazon.com, Inc.	3.6%
Meta Platforms, Inc.	2.6%
Alphabet, Inc.	2.1%
Alphabet, Inc. Class C	1.7%
Berkshire Hathaway, Inc. Class B	1.7%
Broadcom, Inc.	1.6%
Tesla, Inc.	1.4%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P 500® Bull 2X Shares  PAGE 2  TSR-AR-25459Y165

10000106811124616714184072275823839472603190035564624591000010520109941359314591166811830126155223342459933950

	Direxion Daily MSCI Brazil Bull 2X Shares
	BRZU (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily MSCI Brazil Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily MSCI Brazil Bull 2X Shares	$86	0.91%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily MSCI Brazil Bull 2X Shares seeks to provide 200% of the daily return of the MSCI Brazil 25/50 Index. The MSCI Brazil 25/50 Index is designed to measure the performance of the large- and mid-capitalization segments of the Brazilian equity market, covering approximately 85% of the free float-adjusted market capitalization of Brazilian issuers. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the MSCI Brazil 25/50 Index returned 0.80%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSCI Brazil Bull 2X Shares returned -10.66%, while the model indicated an expected return of -3.93%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily MSCI Brazil Bull 2X Shares	-10.66	-41.87	-34.56
S&P 500® Index	38.02	15.27	13.00
MSCI Brazil 25/50 Index	0.80	-1.91	0.77

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown

Direxion Daily MSCI Brazil Bull 2X Shares  PAGE 1  TSR-AR-25460G708

and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$107,985,292
Number of Holdings	7
Net Advisory Fee	$815,268
Portfolio Turnover	42%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	146%
Investment Companies	54%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Financials	36.3%
Energy	17.3%
Materials	14.6%
Utilities	9.3%
Industrials	9.0%
Consumer Staples	7.7%
Health Care	2.1%
Communication Services	1.9%
Consumer Discretionary	1.1%
Information Technology	0.7%

Top 10 Constituents of Index	(%)
Nu Holdings Ltd. Class A	11.2%
Vale S.A.	9.8%
Itaú Unibanco Holding S.A.	7.9%
Petróleo Brasileiro S.A.	7.5%
Petróleo Brasileiro S.A. - Petrobras	6.7%
WEG S.A.	4.3%
Banco Bradesco S.A.	3.4%
Ambev S.A.	2.8%
B3 S.A. – Brasil, Bolsa, Balcão	2.8%
Itausa S.A.	2.7%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSCI Brazil Bull 2X Shares  PAGE 2  TSR-AR-25460G708

1000010913142266919752170121133184161144100001052010994135931459116681183012615522334245993395099975440927110018104011189374288372104291071510801

	Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares
	XXCH (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares for the period of February 7, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares	$72*	0.95%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares seeks to provide 200% of the daily return of the MSCI Emerging Markets ex China Index. The MSCI Emerging Markets ex China Index is designed to capture the large- and mid-capitalization securities across 23 of the 24 emerging markets (with the exception of China) as defined by MSCI Inc. The Index is market cap weighted and covers approximately 85% of the free float-adjusted market capitalization in each of the selected countries. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. From February 7, 2024 (the inception date of the Fund) through October 31, 2024, the MSCI Emerging Markets ex China Index returned 9.26%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. Since inception, the Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares returned 7.48%, while the model indicated an expected return of 9.64%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares  PAGE 1  TSR-AR-25461A684

TOTAL RETURN (%)

	Since Inception (02/07/2024)
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares	7.48
S&P 500® Index	16.35
MSCI Emerging Markets ex China Index	9.26

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$3,309,639
Number of Holdings	6
Net Advisory Fee	$0
Portfolio Turnover	63%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	135%
Investment Companies	65%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Taiwan, Province Of China	26.1%
India	25.9%
Korea, Republic of	13.8%
Brazil	6.4%
Saudi Arabia	5.4%
South Africa	4.0%
Mexico	2.6%
Indonesia	2.2%
Thailand	2.1%
Malaysia	2.0%
Other	9.5%

Top 10 Constituents of Index	(%)
Taiwan Semiconductor Manufacturing Co. Ltd.	13.8%
Samsung Electronics Co. Ltd.	3.6%
Reliance Industries, Ltd.	1.7%
HDFC Bank, Ltd.	1.5%
Hon Hai Precision Industry Co. Ltd.	1.4%
ICICI Bank Ltd.	1.4%
SK Hynix, Inc.	1.3%
Infosys Ltd.	1.2%
MediaTek, Inc.	1.1%
Bharti Airtel Ltd.	0.9%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares  PAGE 2  TSR-AR-25461A684

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares  PAGE 3  TSR-AR-25461A684

107461163510926

	Direxion Daily MSCI India Bull 2X Shares
	INDL (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily MSCI India Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily MSCI India Bull 2X Shares	$110	0.89%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily MSCI India Bull 2X Shares seeks to provide 200% of the daily return of the MSCI India Index. The MSCI India Index is designed to measure the performance of the large- and mid-capitalization segments of the Indian equity market, covering approximately 85% of companies in the Indian equity universe. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the MSCI India Index returned 32.69%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSCI India Bull 2X Shares returned 46.52%, while the model indicated an expected return of 55.65%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily MSCI India Bull 2X Shares	46.52	0.78	-3.66
S&P 500® Index	38.02	15.27	13.00
MSCI India Index	32.69	13.50	8.60

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown

Direxion Daily MSCI India Bull 2X Shares  PAGE 1  TSR-AR-25490K331

and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$95,288,289
Number of Holdings	8
Net Advisory Fee	$668,463
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	140%
Investment Companies	60%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Financials	25.9%
Consumer Discretionary	12.8%
Information Technology	11.5%
Energy	9.2%
Industrials	9.1%
Materials	7.9%
Consumer Staples	7.0%
Health Care	5.8%
Utilities	4.9%
Communication Services	4.4%
Real Estate	1.5%

Top 10 Constituents of Index	(%)
Reliance Industries, Ltd.	6.5%
HDFC Bank, Ltd.	5.9%
ICICI Bank Ltd.	5.4%
Infosys Ltd.	4.7%
Bharti Airtel Ltd.	3.3%
Tata Consultancy Services	2.9%
Axis Bank Ltd.	2.1%
Mahindra & Mahindra	2.0%
Larsen & Toubro Ltd.	1.9%
Hindustan Unilever Ltd.	1.7%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSCI India Bull 2X Shares  PAGE 2  TSR-AR-25490K331

100005724567593735072662430466146484647006886100001052010994135931459116681183012615522334245993395010000919495611177910316121171180917739165181720422828

	Direxion Daily AI and Big Data Bull 2X Shares
	AIBU (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily AI and Big Data Bull 2X Shares for the period of May 15, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily AI and Big Data Bull 2X Shares	$48*	0.95%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$7,475,304
Number of Holdings	35
Net Advisory Fee	$0
Portfolio Turnover	51%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	117%
Common Stocks	83%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Software	32.4%
Semiconductors & Semiconductor Equipment	21.4%
Interactive Media & Services	15.6%
IT Services	11.0%
Broadline Retail	7.1%
Technology Hardware, Storage & Peripherals	7.1%
Communications Equipment	4.9%
Professional Services	0.3%
Health Care Providers & Services	0.2%

Top 10 Constituents of Index	(%)
Meta Platforms, Inc.	8.8%
NVIDIA Corp.	8.1%
Amazon.com, Inc.	7.1%
Apple, Inc.	7.1%
Alphabet, Inc.	6.8%
Microsoft Corp.	6.6%
ServiceNow, Inc.	5.5%
Oracle Corp.	5.2%
Salesforce, Inc.	5.0%
Arista Networks, Inc.	4.9%

Direxion Daily AI and Big Data Bull 2X Shares  PAGE 1  TSR-AR-25461A718

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AI and Big Data Bull 2X Shares  PAGE 2  TSR-AR-25461A718

	Direxion Daily AI and Big Data Bear 2X Shares
	AIBD (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily AI and Big Data Bear 2X Shares for the period of May 15, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily AI and Big Data Bear 2X Shares	$40*	0.95%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$2,425,252
Number of Holdings	5
Net Advisory Fee	$0
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-200%
Total (as % of net assets)	-200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Software	32.4%
Semiconductors & Semiconductor Equipment	21.4%
Interactive Media & Services	15.6%
IT Services	11.0%
Broadline Retail	7.1%
Technology Hardware, Storage & Peripherals	7.1%
Communications Equipment	4.9%
Professional Services	0.3%
Health Care Providers & Services	0.2%

Top 10 Constituents of Index	(%)
Meta Platforms, Inc.	8.8%
NVIDIA Corp.	8.1%
Amazon.com, Inc.	7.1%
Apple, Inc.	7.1%
Alphabet, Inc.	6.8%
Microsoft Corp.	6.6%
ServiceNow, Inc.	5.5%
Oracle Corp.	5.2%
Salesforce, Inc.	5.0%
Arista Networks, Inc.	4.9%

Direxion Daily AI and Big Data Bear 2X Shares  PAGE 1  TSR-AR-25461A692

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-2X) investment results, understand the risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -200% of the return of the benchmark’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily AI and Big Data Bear 2X Shares  PAGE 2  TSR-AR-25461A692

	Direxion Daily Cloud Computing Bull 2X Shares
	CLDL (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Cloud Computing Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Cloud Computing Bull 2X Shares	$119	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Cloud Computing Bull 2X Shares seeks to provide 200% of the daily return of the Indxx USA Cloud Computing Index. The Indxx USA Cloud Computing Index is provided by Indxx, LLC and includes domestic companies that deliver cloud computing infrastructure, platforms, or services. The companies included in the Index are involved in the delivery of computing services – servers, storage, databases, networking, software, analytics, and more, over the internet, which is often referred to as the “Cloud.” The Index Provider has defined cloud computing to include three themes: Infrastructure as a service; Platform as a service; and Software as a service. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Indxx USA Cloud Computing Index returned 29.32%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Cloud Computing Bull 2X Shares returned 49.67%, while the model indicated an expected return of 59.83%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Cloud Computing Bull 2X Shares  PAGE 1  TSR-AR-25460G625

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (01/08/2021)
Direxion Daily Cloud Computing Bull 2X Shares	49.67	-17.81
S&P 500® Index	38.02	12.92
Indxx USA Cloud Computing Index	29.32	-3.04

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$4,804,437
Number of Holdings	52
Net Advisory Fee	$5,786
Portfolio Turnover	20%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	120%
Common Stocks	80%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Software	81.4%
IT Services	10.0%
Health Care Technology	4.4%
Professional Services	4.1%
Interactive Media & Services	0.1%

Top 10 Constituents of Index	(%)
MicroStrategy, Inc. Class A	7.5%
Oracle Corp.	6.4%
ServiceNow, Inc.	5.9%
SAP SE ADR	5.9%
Autodesk, Inc.	5.2%
Atlassian Corp.	4.7%
Salesforce, Inc.	4.6%
Adobe, Inc.	4.6%
CrowdStrike Holdings, Inc.	4.4%
Veeva Systems, Inc.	4.4%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Cloud Computing Bull 2X Shares  PAGE 2  TSR-AR-25460G625

128482952316147331224410455115151589311709620868748889

	Direxion Daily Crypto Industry Bull 2X Shares
	LMBO (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Crypto Industry Bull 2X Shares for the period of July 17, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Crypto Industry Bull 2X Shares	$26*	0.95%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$2,670,643
Number of Holdings	30
Net Advisory Fee	$0
Portfolio Turnover	47%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	130%
Common Stocks	70%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Financial Services	39.3%
Capital Markets	15.8%
Semiconductors & Semiconductor Equipment	15.6%
Software	14.1%
Banks	5.3%
IT Services	5.0%
Hotels, Restaurants & Leisure	4.2%
Consumer Finance	0.4%
Specialty Retail	0.3%

Top 10 Constituents of Index	(%)
PayPal Holdings, Inc.	10.0%
NVIDIA Corp.	8.7%
MasterCard, Inc. Class A.	8.5%
Visa, Inc. Class A	8.2%
Advanced Micro Devices, Inc.	7.0%
Interactive Brokers Group, Inc.	5.7%
Coinbase Global, Inc.	5.6%
NU Holdings Ltd. ADR	5.3%
Shift4 Payments, Inc.	5.2%
Globant SA ADR	5.0%

Direxion Daily Crypto Industry Bull 2X Shares  PAGE 1  TSR-AR-25461A593

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Crypto Industry Bull 2X Shares  PAGE 2  TSR-AR-25461A593

	Direxion Daily Electric And Autonomous Vehicles Bull 2X Shares
	EVAV (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Electric And Autonomous Vehicles Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Electric And Autonomous Vehicles Bull 2X Shares	$72	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares seeks to provide 200% of the daily return of the Indxx US Electric and Autonomous Vehicles Index. The Indxx US Electric and Autonomous Vehicles Index is designed to track the performance of electric and autonomous vehicles companies. The Index Provider defines electric and autonomous vehicles companies as those companies that derive at least 50% of their revenues from the following activities (or “sub-themes”): Manufacturers – companies that manufacture and sell electric or autonomous vehicles; Enablers – companies that build infrastructure or create technology for electric or autonomous vehicles, such as charging docks and batteries; and Software and Technology Services – companies that engage in the development of software and technology for electric or autonomous vehicles. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Indxx US Electric and Autonomous Vehicles Index returned -19.18%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares returned -48.89%, while the model indicated an expected return of -46.29%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Electric And Autonomous Vehicles Bull 2X Shares  PAGE 1  TSR-AR-25460G146

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (08/11/2022)
Direxion Daily Electric And Autonomous Vehicles Bull 2X Shares	-48.89	-69.10
S&P 500® Index	38.02	16.45
Indxx US Electric and Autonomous Vehicles Index	-19.18	-36.57

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$4,823,286
Number of Holdings	25
Net Advisory Fee	$0
Portfolio Turnover	59%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	137%
Common Stocks	63%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Automobiles	54.6%
Automobile Components	18.6%
Specialty Retail	9.3%
Aerospace & Defense	6.3%
Software	4.2%
Electrical Equipment	2.8%
Semiconductors & Semiconductor Equipment	2.4%
Machinery	1.8%

Top 10 Constituents of Index	(%)
XPeng, Inc. ADR	11.0%
Li Auto, Inc. ADR	10.5%
Nio, Inc. ADR	9.4%
EVgo, Inc.	9.2%
Tesla, Inc.	9.2%
Polestar Automotive Holding UK PLC ADR	6.6%
EHang Holdings Ltd. ADR	6.3%
Rivian Automotive, Inc.	4.9%
BorgWarner, Inc.	4.7%
Cerence, Inc.	4.2%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Electric And Autonomous Vehicles Bull 2X Shares  PAGE 2  TSR-AR-25460G146

3808143573492321016814034639344953633

	Direxion Daily Energy Bull 2X Shares
	ERX (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Energy Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Energy Bull 2X Shares	$91	0.89%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Energy Bull 2X Shares seeks to provide 200% of the daily return of the Energy Select Sector Index. The Energy Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the energy sector which includes the following industries: oil, gas and consumable fuels; and energy equipment and services. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Energy Select Sector Index returned 7.68%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Energy Bull 2X Shares returned 4.67%, while the model indicated an expected return of 12.38%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Energy Bull 2X Shares	4.67	-13.79	-21.93
S&P 500® Index	38.02	15.27	13.00
Energy Select Sector Index	7.68	14.55	4.30

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown

Direxion Daily Energy Bull 2X Shares  PAGE 1  TSR-AR-25460G609

and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$309,210,045
Number of Holdings	29
Net Advisory Fee	$2,643,364
Portfolio Turnover	18%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	129%
Common Stocks	71%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Oil, Gas & Consumable Fuels	91.1%
Energy Equipment & Services	8.9%

Top 10 Constituents of Index	(%)
Exxon Mobil Corp.	23.1%
Chevron Corp.	15.6%
ConocoPhillips	7.8%
Williams Companies, Inc.	4.8%
EOG Resources, Inc.	4.4%
Schlumberger Ltd. ADR	4.3%
ONEOK, Inc.	4.2%
Phillips 66	3.8%
Marathon Petroleum Corp.	3.6%
Kinder Morgan, Inc.	3.5%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Energy Bull 2X Shares  PAGE 2  TSR-AR-25460G609

10000409236103473307117671064089428048421000010520109941359314591166811830126155223342459933950100007990829884928641772241788783143801414515232

	Direxion Daily Energy Bear 2X Shares
	ERY (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Energy Bear 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Energy Bear 2X Shares	$91	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Energy Bear 2X Shares seeks to provide -200% of the daily return of the Energy Select Sector Index. The Energy Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the energy sector which includes the following industries: oil, gas and consumable fuels; and energy equipment and services. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Energy Select Sector Index returned 7.68%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Energy Bear 2X Shares returned -8.61%, while the model indicated an expected return of -21.46%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Energy Bear 2X Shares	-8.61	-44.73	-29.42
S&P 500® Index	38.02	15.27	13.00
Energy Select Sector Index	7.68	14.55	4.30

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown

Direxion Daily Energy Bear 2X Shares  PAGE 1  TSR-AR-25460G179

and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$23,114,254
Number of Holdings	7
Net Advisory Fee	$151,855
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-200%
Total (as % of net assets)	-200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Oil, Gas & Consumable Fuels	91.1%
Energy Equipment & Services	8.9%

Top 10 Constituents of Index	(%)
Exxon Mobil Corp.	23.1%
Chevron Corp.	15.6%
ConocoPhillips	7.8%
Williams Companies, Inc.	4.8%
EOG Resources, Inc.	4.4%
Schlumberger Ltd. ADR	4.3%
ONEOK, Inc.	4.2%
Phillips 66	3.8%
Marathon Petroleum Corp.	3.6%
Kinder Morgan, Inc.	3.5%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-2X) investment results, understand the risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -200% of the return of the benchmark’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Energy Bear 2X Shares  PAGE 2  TSR-AR-25460G179

10000132067728644251965950867512963413363071000010520109941359314591166811830126155223342459933950100007990829884928641772241788783143801414515232

	Direxion Daily Gold Miners Index Bull 2X Shares
	NUGT (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Gold Miners Index Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Gold Miners Index Bull 2X Shares	$119	0.85%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Gold Miners Index Bull 2X Shares seeks to provide 200% of the daily return of the NYSE Arca Gold Miners Index. The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies that operate globally in both developed and emerging markets, and are involved primarily in mining for gold and, to a lesser extent, in mining for silver. The index will limit the weight of companies whose revenues are more significantly exposed to silver mining to less than 20% of the index at each rebalance date. The index may include small- and mid-capitalization companies and foreign issuers. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the NYSE Arca Gold Miners Index returned 46.66%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Gold Miners Index Bull 2X Shares returned 79.97%, while the model indicated an expected return of 96.19%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Gold Miners Index Bull 2X Shares  PAGE 1  TSR-AR-25460G781

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Gold Miners Index Bull 2X Shares	79.97	-19.82	-19.12
S&P 500® Index	38.02	15.27	13.00
NYSE Arca Gold Miners Index	46.66	9.27	10.12

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$566,837,059
Number of Holdings	10
Net Advisory Fee	$4,110,213
Portfolio Turnover	48%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	151%
Investment Companies	49%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Metals & Mining	100.0%

Top 10 Constituents of Index	(%)
Newmont Corp.	12.1%
Agnico Eagle Mines Ltd.	9.9%
Barrick Gold Corp.	7.8%
Wheaton Precious Metals Corp.	6.9%
Franco-Nevada Corp.	5.9%
Gold Fields Ltd.	4.3%
Northern Star Resources Ltd.	3.9%
Zijin Mining Group Co. Ltd.	3.7%
Kinross Gold Corp.	3.6%
Anglogold Ashanti PLC	3.4%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Gold Miners Index Bull 2X Shares  PAGE 2  TSR-AR-25460G781

10000312863783290150936141761112757366511971000010520109941359314591166811830126155223342459933950100008652143201324511251168362276619436151241788326227

	Direxion Daily Gold Miners Index Bear 2X Shares
	DUST (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Gold Miners Index Bear 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Gold Miners Index Bear 2X Shares	$61	0.87%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Gold Miners Index Bear 2X Shares seeks to provide -200% of the daily return of the NYSE Arca Gold Miners Index. The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies that operate globally in both developed and emerging markets, and are involved primarily in mining for gold and, to a lesser extent, in mining for silver. The index will limit the weight of companies whose revenues are more significantly exposed to silver mining to less than 20% of the index at each rebalance date. The index may include small- and mid-capitalization companies and foreign issuers. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the NYSE Arca Gold Miners Index returned 46.66%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Gold Miners Index Bear 2X Shares returned -59.86%, while the model indicated an expected return of -63.61%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Gold Miners Index Bear 2X Shares  PAGE 1  TSR-AR-25461A478

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Gold Miners Index Bear 2X Shares	-59.86	-49.38	-60.29
S&P 500® Index	38.02	15.27	13.00
NYSE Arca Gold Miners Index	46.66	9.27	10.12

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$94,982,680
Number of Holdings	7
Net Advisory Fee	$803,891
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-200%
Total (as % of net assets)	-200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Metals & Mining	100.0%

Top 10 Constituents of Index	(%)
Newmont Corp.	12.1%
Agnico Eagle Mines Ltd.	9.9%
Barrick Gold Corp.	7.8%
Wheaton Precious Metals Corp.	6.9%
Franco-Nevada Corp.	5.9%
Gold Fields Ltd.	4.3%
Northern Star Resources Ltd.	3.9%
Zijin Mining Group Co. Ltd.	3.7%
Kinross Gold Corp.	3.6%
Anglogold Ashanti PLC	3.4%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-2X) investment results, understand the risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -200% of the return of the benchmark’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Gold Miners Index Bear 2X Shares  PAGE 2  TSR-AR-25461A478

10000343516411815130444211000010520109941359314591166811830126155223342459933950100008652143201324511251168362276619436151241788326227

	Direxion Daily Junior Gold Miners Index Bull 2X Shares
	JNUG (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Junior Gold Miners Index Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Junior Gold Miners Index Bull 2X Shares	$124	0.83%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Junior Gold Miners Index Bull 2X Shares seeks to provide 200% of the daily return of the MVIS Global Junior Gold Miners Index. The MVIS Global Junior Gold Miners Index tracks the performance of foreign and domestic micro-, small- and mid-capitalization companies that generate, or demonstrate the potential to generate, at least 50% of their revenues from, or have at least 50% of their assets related to, gold mining and/or silver mining, hold real property or have mining projects that have the potential to produce at least 50% of the company’s revenue from gold or silver mining when developed, or primarily invest in gold or silver. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the MVIS Global Junior Gold Miners Index returned 56.41%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Junior Gold Miners Index Bull 2X Shares returned 98.36%, while the model indicated an expected return of 119.19%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Junior Gold Miners Index Bull 2X Shares  PAGE 1  TSR-AR-25460G831

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Junior Gold Miners Index Bull 2X Shares	98.36	-39.93	-34.45
S&P 500® Index	38.02	15.27	13.00
MVIS Global Junior Gold Miners Index	56.41	7.48	9.19

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$322,598,442
Number of Holdings	7
Net Advisory Fee	$2,245,786
Portfolio Turnover	22%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	166%
Investment Companies	34%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Metals & Mining	100.0%

Top 10 Constituents of Index	(%)
Pan American Silver Corp.	6.7%
Alamos Gold, Inc.	6.4%
Harmony Gold Mining Co. Ltd.	6.3%
Evolution Mining Ltd.	6.2%
B2gold Corp.	5.2%
Industrias Peñoles S.A.B. de C.V.	2.4%
Hecla Mining Co.	2.3%
Endeavour Mining PLC	2.2%
Osisko Gold Royalties Ltd.	2.1%
Iamgold Corp.	2.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Junior Gold Miners Index Bull 2X Shares  PAGE 2  TSR-AR-25460G831

10000212565252023956187131618270741461000010520109941359314591166811830126155223342459933950100008318164511357111666167982306919264133951540524095

	Direxion Daily Junior Gold Miners Index Bear 2X Shares
	JDST (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Junior Gold Miners Index Bear 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Junior Gold Miners Index Bear 2X Shares	$57	0.85%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Junior Gold Miners Index Bear 2X Shares seeks to provide -200% of the daily return of the MVIS Global Junior Gold Miners Index. The MVIS Global Junior Gold Miners Index tracks the performance of foreign and domestic micro-, small- and mid-capitalization companies that generate, or demonstrate the potential to generate, at least 50% of their revenues from, or have at least 50% of their assets related to, gold mining and/or silver mining, hold real property or have mining projects that have the potential to produce at least 50% of the company’s revenue from gold or silver mining when developed, or primarily invest in gold or silver. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the MVIS Global Junior Gold Miners Index returned 56.41%. Given the daily investment objectives of the ETFs and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETFs. The Direxion Daily Junior Gold Miners Index Bear 2X Shares returned -67.68%, while the model indicated an expected return of -69.26%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Junior Gold Miners Index Bear 2X Shares  PAGE 1  TSR-AR-25461A577

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Junior Gold Miners Index Bear 2X Shares	-67.68	-62.16	-70.69
S&P 500® Index	38.02	15.27	13.00
MVIS Global Junior Gold Miners Index	56.41	7.48	9.19

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$54,935,997
Number of Holdings	6
Net Advisory Fee	$597,468
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-200%
Total (as % of net assets)	-200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Metals & Mining	100.0%

Top 10 Constituents of Index	(%)
Pan American Silver Corp.	6.7%
Alamos Gold, Inc.	6.4%
Harmony Gold Mining Co. Ltd.	6.3%
Evolution Mining Ltd.	6.2%
B2gold Corp.	5.2%
Industrias Peñoles S.A.B. de C.V.	2.4%
Hecla Mining Co.	2.3%
Endeavour Mining PLC	2.2%
Osisko Gold Royalties Ltd.	2.1%
Iamgold Corp.	2.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-2X) investment results, understand the risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -200% of the return of the benchmark’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Junior Gold Miners Index Bear 2X Shares  PAGE 2  TSR-AR-25461A577

1000022124125295000001000010520109941359314591166811830126155223342459933950100008318164511357111666167982306919264133951540524095

	Direxion Daily Magnificent 7 Bull 2X Shares
	QQQU (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Magnificent 7 Bull 2X Shares for the period of March 7, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523. This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Magnificent 7 Bull 2X Shares	$76*	0.95%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Magnificent 7 Bull 2X Shares seeks to provide 200% of the daily return of the Indxx Magnificent 7 Index. The Indxx Magnificent 7 Index is provided by Indxx and is designed to track the performance of seven of the leading NASDAQ listed companies, as identified by Indxx. The Magnificent 7 is comprised of the following companies: Apple, Alphabet, Microsoft, Amazon, Nvidia, Tesla, and Meta. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. From March 7, 2024 (the inception date of the Fund) through October 31, 2024, the Indxx Magnificent 7 Index (formerly, the Indxx Front of the Q Index) returned 26.19%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. Since inception, the Direxion Daily Magnificent 7 Bull 2X Shares (formerly the Direxion Daily Concentrated Qs Bull 2X Shares) returned 45.46%, while the model indicated an expected return of 53.10%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Magnificent 7 Bull 2X Shares  PAGE 1  TSR-AR-25461A650

TOTAL RETURN (%)

	Since Inception (03/07/2024)
Direxion Daily Magnificent 7 Bull 2X Shares	45.46
S&P 500® Index	12.73
Indxx Magnificent 7 Index	26.19

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$19,003,876
Number of Holdings	14
Net Advisory Fee	$26,715
Portfolio Turnover	267%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	171%
Common Stocks	29%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Interactive Media & Services	28.8%
Semiconductors & Semiconductor Equipment	16.0%
Automobiles	14.7%
Technology Hardware, Storage & Peripherals	13.8%
Broadline Retail	13.6%
Software	13.1%

Top 10 Constituents of Index	(%)
NVIDIA Corp.	16.0%
Tesla, Inc.	14.7%
Alphabet, Inc.	14.6%
Meta Platforms, Inc.	14.1%
Apple, Inc.	13.9%
Amazon.com, Inc.	13.6%
Microsoft Corp.	13.1%

MATERIAL CHANGES

On August 1, 2024, the name of the index that the Fund tracks was renamed from the Indxx Front of the Q Index to Indxx Magnificent 7 Index. Effective September 13, 2024, the Fund was renamed from Direxion Daily Concentrated Qs Bull 2X Shares to Direxion Daily Magnificent 7 Bull 2X Shares.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Magnificent 7 Bull 2X Shares  PAGE 2  TSR-AR-25461A650

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Magnificent 7 Bull 2X Shares  PAGE 3  TSR-AR-25461A650

145461127312619

	Direxion Daily NYSE FANG+ Bull 2X Shares
	FNGG (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily NYSE FANG+ Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily NYSE FANG+ Bull 2X Shares	$155	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily NYSE FANG+ Bull 2X Shares (the “FANG ETF”) seeks to provide 200% of the daily return of the NYSE FANG+ Index. The NYSE FANG+ Index is an equal-dollar weighted Index designed to track the performance of 10 highly-traded growth stocks of technology and tech-enabled companies. The Index is comprised of the securities of U.S.-listed companies that ICE Data Indices, LLC (the “Index Provider”) has identified as FANG+ companies, which are comprised of six FAANMG companies and four non-FAANMG companies. The Index Provider defines FAANMG as Meta Platforms Inc. (META), Apple Inc. (AAPL), Amazon.com Inc. (AMZN), Netflix Inc. (NFLX), Microsoft Corp. (MSFT), and Alphabet Inc. Class A (GOOGL). The Index is reconstituted quarterly. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the NYSE FANG+ Index returned 60.43%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The FANG ETF returned 125.89%, while the model indicated an expected return of 142.93%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily NYSE FANG+ Bull 2X Shares  PAGE 1  TSR-AR-25460G161

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (09/30/2021)
Direxion Daily NYSE FANG+ Bull 2X Shares	125.89	-14.48
S&P 500® Index	38.02	10.80
NYSE FANG+ Index	60.43	17.88

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$62,132,353
Number of Holdings	17
Net Advisory Fee	$377,134
Portfolio Turnover	92%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	155%
Common Stocks	45%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Software	29.4%
Semiconductors & Semiconductor Equipment	21.0%
Interactive Media & Services	20.1%
Entertainment	10.4%
Technology Hardware, Storage & Peripherals	9.7%
Broadline Retail	9.4%

Top 10 Constituents of Index	(%)
NVIDIA Corp.	11.1%
CrowdStrike Holdings, Inc.	10.5%
Netflix, Inc.	10.4%
Alphabet, Inc.	10.1%
Meta Platforms, Inc.	10.0%
Broadcom, Inc.	9.9%
ServiceNow, Inc.	9.9%
Apple, Inc.	9.7%
Amazon.com, Inc.	9.5%
Microsoft Corp.	8.9%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily NYSE FANG+ Bull 2X Shares  PAGE 2  TSR-AR-25460G161

118601825273161691057490299945137251095663621036016620

	Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares
	UBOT (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares	$130	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares seeks to provide 200% of the daily return of the Indxx Global Robotics & Artificial Intelligence Thematic Index. The Indxx Global Robotics & Artificial Intelligence Thematic Index is designed to provide exposure to exchange-listed companies in developed markets that are expected to benefit from the adoption and utilization of robotics and/or artificial intelligence, as defined by the Index Provider, Indxx, LLC. To determine if the Fund has met its  daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Indxx Global Robotics & Artificial Intelligence Thematic Index returned 42.01%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares returned 72.90%, while the model indicated an expected return of 92.01%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares  PAGE 1  TSR-AR-25460G823

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (04/19/2018)
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares	72.90	4.13	-8.45
S&P 500® Index	38.02	15.27	13.98
Indxx Global Robotics & Artificial Intelligence Thematic Index	42.01	9.70	5.12

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$28,118,930
Number of Holdings	8
Net Advisory Fee	$246,896
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	155%
Investment Companies	45%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Information Technology	43.1%
Industrials	38.6%
Health Care	15.2%
Financials	1.9%
Energy	0.6%
Consumer Discretionary	0.6%

Top 10 Constituents of Index	(%)
NVIDIA Corp.	13.1%
Intuitive Surgical, Inc.	10.2%
ABB Ltd.	9.4%
Keyence Corp.	7.7%
SMC Corp.	5.6%
Dynatrace, Inc.	4.8%
FANUC Corp.	4.1%
OMRON	3.7%
Daifuku Co. Ltd.	3.3%
Yaskawa Electric Corp.	3.1%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares  PAGE 2  TSR-AR-25460G823

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares  PAGE 3  TSR-AR-25460G823

47124587675011712272632485616101111156012683181251547717047235278101872311649159988454975713857

	Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares
	GUSH (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares	$80	0.91%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares seeks to provide 200% of the daily return of the S&P Oil & Gas Exploration & Production Select Industry Index. The S&P Oil & Gas Exploration & Production Select Industry Index is provided by Standard & Poor’s and includes domestic companies from the oil and gas exploration and production sub-industry. The index is designed to measure the performance of a sub-industry or group of sub-industries determined based on the Global Industry Classification Standards. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the S&P Oil & Gas Exploration & Production Select Industry Index returned -7.47%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares returned -24.28%, while the model indicated an expected return of -18.61%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares  PAGE 1  TSR-AR-25460G500

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (05/28/2015)
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares	-24.28	-35.92	-49.78
S&P 500® Index	38.02	15.27	13.08
S&P Oil & Gas Exploration & Production Select Industry Index	-7.47	12.09	-2.40

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$350,051,344
Number of Holdings	62
Net Advisory Fee	$3,379,971
Portfolio Turnover	36%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	137%
Common Stocks	63%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Oil, Gas & Consumable Fuels	100.0%

Top 10 Constituents of Index	(%)
Texas Pacific Land Corp.	3.8%
CNX Resources Corp.	3.3%
Expand Energy Corp.	3.1%
EQT Corp.	2.9%
SM Energy Co.	2.8%
Marathon Oil Corp.	2.8%
Chevron Corp.	2.8%
ConocoPhillips	2.8%
Exxon Mobil Corp.	2.8%
Coterra Energy, Inc.	2.8%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares  PAGE 2  TSR-AR-25460G500

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares  PAGE 3  TSR-AR-25460G500

337317271260112814031424201598761032112760136971566017180245532096623092318717528727471247583449422235949869285927950

	Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares
	DRIP (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares	$103	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares seeks to -200% of the daily return of the S&P Oil & Gas Exploration & Production Select Industry Index. The S&P Oil & Gas Exploration & Production Select Industry Index is provided by Standard & Poor’s and includes domestic companies from the oil and gas exploration and production sub-industry. The index is designed to measure the performance of a sub-industry or group of sub-industries determined based on the Global Industry Classification Standards. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the S&P Oil & Gas Exploration & Production Select Industry Index returned -7.47%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares returned 17.12%, while the model indicated an expected return of 0.65%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares  PAGE 1  TSR-AR-25460G328

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (05/28/2015)
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares	17.12	-55.76	-41.75
S&P 500® Index	38.02	15.27	13.08
S&P Oil & Gas Exploration & Production Select Industry Index	-7.47	12.09	-2.40

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$40,222,347
Number of Holdings	8
Net Advisory Fee	$387,438
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-200%
Total (as % of net assets)	-200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Oil, Gas & Consumable Fuels	100.0%

Top 10 Constituents of Index	(%)
Texas Pacific Land Corp.	3.8%
CNX Resources Corp.	3.3%
Expand Energy Corp.	3.1%
EQT Corp.	2.9%
SM Energy Co.	2.8%
Marathon Oil Corp.	2.8%
Chevron Corp.	2.8%
ConocoPhillips	2.8%
Exxon Mobil Corp.	2.8%
Coterra Energy, Inc.	2.8%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-2X) investment results, understand the risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -200% of the return of the benchmark’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares  PAGE 2  TSR-AR-25460G328

141934992329217503610349223761526198761032112760136971566017180245532096623092318717528727471247583449422235949869285927950

	Direxion Daily Travel & Vacation Bull 2X Shares
	OOTO (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Travel & Vacation Bull 2X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Travel & Vacation Bull 2X Shares	$131	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Travel & Vacation Bull 2X Shares seeks to provide 200% of the daily return of the BlueStar^® Travel and Vacation Index. The BlueStar^® Travel and Vacation Index is provided by MV Index Solutions GmbH and is comprised of US listed stocks, including depository receipts, of companies that are “Travel and Vacation” companies, as defined by the Index Provider. To be eligible for inclusion in the Index, a company must either (a) derive 25% or more of its revenue from, or devote 25% or more of its annual budget to, operating theme parks and/or hotels or (b) derive 50% or more of its revenue from, or devote 50% or more of its annual budget to the following activities: 1. Hotel accommodations; 2. Commercial airlines; 3. Casino resorts; 4. Hotel time shares; 5. Ski resorts; 6. Cruises; 7. Hotel real estate investment trusts; 8. Performing arts centers; 9. Online travel and event booking; 10. Specialty travel and experiences (such as outer space passenger travel), and/or 11. Operation of theme parks. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the BlueStar^® Travel and Vacation Index returned 40.10%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Travel & Vacation Bull 2X Shares returned 76.53%, while the model indicated an expected return of 89.75%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Travel & Vacation Bull 2X Shares  PAGE 1  TSR-AR-25460G542

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (06/10/2021)
Direxion Daily Travel & Vacation Bull 2X Shares	76.53	-10.24
S&P 500® Index	38.02	10.97
BlueStar® Travel and Vacation Index	40.10	0.95

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$8,493,826
Number of Holdings	53
Net Advisory Fee	$68,102
Portfolio Turnover	11%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	124%
Common Stocks	76%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Hotels, Restaurants & Leisure	62.8%
Passenger Airlines	18.1%
Entertainment	7.0%
Hotel & Resort REITs	5.9%
Specialized REITs	5.5%
Interactive Media & Services	0.7%

Top 10 Constituents of Index	(%)
Booking Holdings, Inc.	5.5%
TripAdvisor, Inc.	5.4%
Hilton Worldwide Holdings, Inc.	5.1%
Marriott International, Inc. Class A	5.0%
Royal Caribbean Cruises Ltd. ADR	4.4%
Delta Air Lines, Inc.	4.4%
The Walt Disney Co.	4.3%
Airbnb, Inc. Class A	4.1%
VICI Properties, Inc.	3.5%
Carnival Corp. ADR	3.3%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Travel & Vacation Bull 2X Shares  PAGE 2  TSR-AR-25460G542

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Travel & Vacation Bull 2X Shares  PAGE 3  TSR-AR-25460G542

8300414439266929109709367103171423992467150737110327

	Direxion Daily Uranium Industry Bull 2X Shares
	URAA (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Uranium Industry Bull 2X Shares for the period of June 26, 2024 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Uranium Industry Bull 2X Shares	$33*	0.95%**

* Amount shown reflects the expense of the Fund from inception date through October 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

** Percentage shown is annualized.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$7,893,329
Number of Holdings	8
Net Advisory Fee	$0
Portfolio Turnover	78%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	152%
Investment Companies	48%
Total (as % of net assets)	200%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Nuclear Energy	100.0%

Top 10 Constituents of Index	(%)
Global X Uranium ETF	68.4%
Sprott Uranium Miners ETF	31.6%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 200% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Uranium Industry Bull 2X Shares  PAGE 1  TSR-AR-25461A643

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Uranium Industry Bull 2X Shares  PAGE 2  TSR-AR-25461A643

	Direxion Daily Mid Cap Bull 3X Shares
	MIDU (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Mid Cap Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Mid Cap Bull 3X Shares	$138	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Mid Cap Bull 3X Shares seeks to provide 300% of the daily return of the S&P MidCap 400^® Index. The S&P MidCap 400^® Index is a float-adjusted market capitalization weighted index that attempts to measure the performance of 400 mid-sized companies in the United States. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the S&P MidCap 400^® Index returned 32.99%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Mid Cap Bull 3X Shares returned 90.91%, while the model indicated an expected return of 117.70%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Mid Cap Bull 3X Shares  PAGE 1  TSR-AR-25459W730

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Mid Cap Bull 3X Shares	90.91	5.33	9.74
S&P MidCap 400® Index	32.99	11.37	9.86

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$82,371,295
Number of Holdings	407
Net Advisory Fee	$595,660
Portfolio Turnover	129%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	222%
Common Stocks	78%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Industrials	22.6%
Financials	17.2%
Consumer Discretionary	13.6%
Health Care	9.8%
Information Technology	9.4%
Real Estate	7.2%
Materials	6.6%
Energy	5.2%
Consumer Staples	4.4%
Utilities	2.6%
Communication Services	1.4%

Top 10 Constituents of Index	(%)
Illumina, Inc.	0.8%
Texas Pacific Land Corp.	0.8%
EMCOR Group, Inc.	0.7%
Carlisle Cos., Inc.	0.7%
Lennox International, Inc.	0.7%
Expand Energy Corp.	0.6%
Williams-Sonoma, Inc.	0.6%
United Therapeutics Corp.	0.6%
Interactive Brokers Group, Inc. Class A	0.6%
Watsco, Inc.	0.6%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Mid Cap Bull 3X Shares  PAGE 2  TSR-AR-25459W730

10000101271091919112176031954510631311681708213271253361000010342109891356913708149441477221996194581925125602

	Direxion Daily S&P 500® Bull 3X Shares
	SPXL (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily S&P 500® Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily S&P 500® Bull 3X Shares	$130	0.81%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily S&P 500^® Bull 3X Shares seeks to provide 300% of the daily return of the S&P 500^® Index. Standard & Poor’s^® selects the stocks comprising the S&P 500^® Index on the basis of market capitalization, financial viability of the company and the public float, liquidity and price of a company’s shares outstanding. The Index is a float-adjusted, market capitalization-weighted index. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the S&P 500^® Index returned 38.02%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily S&P 500^® Bull 3X Shares returned 120.50%, while the model indicated an expected return of 151.02%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily S&P 500® Bull 3X Shares  PAGE 1  TSR-AR-25459W862

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily S&P 500® Bull 3X Shares	120.50	24.05	23.56
S&P 500® Index	38.02	15.27	13.00

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$4,906,704,891
Number of Holdings	514
Net Advisory Fee	$26,941,497
Portfolio Turnover	29%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	189%
Common Stocks	70%
Futures Contracts	41%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Information Technology	31.7%
Financials	13.4%
Health Care	11.1%
Consumer Discretionary	10.0%
Communication Services	9.1%
Industrials	8.5%
Consumer Staples	5.8%
Energy	3.4%
Utilities	2.5%
Real Estate	2.3%
Materials	2.2%

Top 10 Constituents of Index	(%)
Apple, Inc.	7.1%
NVIDIA Corp.	6.8%
Microsoft Corp.	6.3%
Amazon.com, Inc.	3.6%
Meta Platforms, Inc.	2.6%
Alphabet, Inc.	2.1%
Alphabet, Inc. Class C	1.7%
Berkshire Hathaway, Inc. Class B	1.7%
Broadcom, Inc.	1.6%
Tesla, Inc.	1.4%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P 500® Bull 3X Shares  PAGE 2  TSR-AR-25459W862

10000106231110819806217362824724705670913404337626829641000010520109941359314591166811830126155223342459933950

	Direxion Daily S&P 500® Bear 3X Shares
	SPXS (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily S&P 500® Bear 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily S&P 500® Bear 3X Shares	$65	0.91%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily S&P 500^® 3X Bear Shares seeks to provide -300%, of the daily return of the S&P 500^® Index. Standard & Poor’s^® selects the stocks comprising the S&P 500^® Index on the basis of market capitalization, financial viability of the company and the public float, liquidity and price of a company’s shares outstanding. The Index is a float-adjusted, market capitalization-weighted index. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the S&P 500^® Index returned 38.02%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily S&P 500^® Bear 3X Shares returned -57.19%, while the model indicated an expected return of -65.33%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily S&P 500® Bear 3X Shares  PAGE 1  TSR-AR-25460E265

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily S&P 500® Bear 3X Shares	-57.19	-45.77	-39.29
S&P 500® Index	38.02	15.27	13.00

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$501,716,748
Number of Holdings	11
Net Advisory Fee	$4,109,729
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-300%
Total (as % of net assets)	-300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Information Technology	31.7%
Financials	13.4%
Health Care	11.1%
Consumer Discretionary	10.0%
Communication Services	9.1%
Industrials	8.5%
Consumer Staples	5.8%
Energy	3.4%
Utilities	2.5%
Real Estate	2.3%
Materials	2.2%

Top 10 Constituents of Index	(%)
Apple, Inc.	7.1%
NVIDIA Corp.	6.8%
Microsoft Corp.	6.3%
Amazon.com, Inc.	3.6%
Meta Platforms, Inc.	2.6%
Alphabet, Inc.	2.1%
Alphabet, Inc. Class C	1.7%
Berkshire Hathaway, Inc. Class B	1.7%
Broadcom, Inc.	1.6%
Tesla, Inc.	1.4%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P 500® Bear 3X Shares  PAGE 2  TSR-AR-25460E265

1000074085739301323091450553170205159681000010520109941359314591166811830126155223342459933950

	Direxion Daily Small Cap Bull 3X Shares
	TNA (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Small Cap Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Small Cap Bull 3X Shares	$124	0.87%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Small Cap Bull 3X Shares seeks to provide 300% of the daily return of the Russell 2000^® Index. The Russell 2000^® Index measures the performance of approximately 2,000 small-capitalization companies in the Russell 3000^® Index, based on a combination of their market capitalization and current index membership. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Russell 2000^® Index returned 34.07%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Small Cap Bull 3X Shares returned 85.49%, while the model indicated an expected return of 111.21%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Small Cap Bull 3X Shares  PAGE 1  TSR-AR-25459W847

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Small Cap Bull 3X Shares	85.49	-6.39	1.39
Russell 2000® Index	34.07	8.50	7.94

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$2,158,997,560
Number of Holdings	11
Net Advisory Fee	$16,010,661
Portfolio Turnover	222%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	227%
Investment Companies	73%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Financials	18.6%
Health Care	17.4%
Industrials	17.1%
Information Technology	12.6%
Consumer Discretionary	9.8%
Real Estate	6.4%
Energy	5.2%
Materials	4.6%
Utilities	2.8%
Consumer Staples	2.8%
Communication Services	2.7%

Top 10 Constituents of Index	(%)
FTAI Aviation Ltd.	0.5%
Sprouts Farmers Market, Inc.	0.5%
Vaxcyte, Inc.	0.5%
Insmed, Inc.	0.4%
Mueller Industries, Inc.	0.3%
Fluor Corp.	0.3%
Applied Industrial Technologies, Inc.	0.3%
Fabrinet	0.3%
Ensign Group, Inc.	0.3%
Revolution Medicines, Inc.	0.3%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Small Cap Bull 3X Shares  PAGE 2  TSR-AR-25459W847

1000091509143175851644615973859925010102886189114801000010034104461335513603142701425121490175061600621460

	Direxion Daily Small Cap Bear 3X Shares
	TZA (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Small Cap Bear 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Small Cap Bear 3X Shares	$62	0.90%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Small Cap Bear 3X Shares seeks to provide -300% of the daily return of the Russell 2000^® Index. The Russell 2000^® Index measures the performance of approximately 2,000 small-capitalization companies in the Russell 3000^® Index, based on a combination of their market capitalization and current index membership. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Russell 2000^® Index returned 34.07%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Small Cap Bear 3X Shares returned -61.41%, while the model indicated an expected return of -67.90%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Small Cap Bear 3X Shares  PAGE 1  TSR-AR-25460E232

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Small Cap Bear 3X Shares	-61.41	-46.43	-38.97
Russell 2000® Index	34.07	8.50	7.94

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$344,247,181
Number of Holdings	11
Net Advisory Fee	$2,882,956
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-300%
Total (as % of net assets)	-300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Financials	18.6%
Health Care	17.4%
Industrials	17.1%
Information Technology	12.6%
Consumer Discretionary	9.8%
Real Estate	6.4%
Energy	5.2%
Materials	4.6%
Utilities	2.8%
Consumer Staples	2.8%
Communication Services	2.7%

Top 10 Constituents of Index	(%)
FTAI Aviation Ltd.	0.5%
Sprouts Farmers Market, Inc.	0.5%
Vaxcyte, Inc.	0.5%
Insmed, Inc.	0.4%
Mueller Industries, Inc.	0.3%
Fluor Corp.	0.3%
Applied Industrial Technologies, Inc.	0.3%
Fabrinet	0.3%
Ensign Group, Inc.	0.3%
Revolution Medicines, Inc.	0.3%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Small Cap Bear 3X Shares  PAGE 2  TSR-AR-25460E232

1000080825674245621451624587127153186721000010034104461335513603142701425121490175061600621460

	Direxion Daily FTSE China Bull 3X Shares
	YINN (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily FTSE China Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily FTSE China Bull 3X Shares	$108	0.92%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily FTSE China Bull 3X Shares seeks to provide 300% of the daily return of the FTSE China 50 Index. The FTSE China 50 Index consists of the 50 largest and most liquid public Chinese companies currently trading on the Hong Kong Stock Exchange. Securities in the index are weighted based on the total market value of their shares, so that securities with higher total market values will generally have a higher representation in the index. Index constituents are screened for liquidity and weightings and are capped to prevent the index from being overly concentrated in any one stock. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the FTSE China 50 Index returned 28.24%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily FTSE China Bull 3X Shares returned 35.26%, while the model indicated an expected return of 60.96%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily FTSE China Bull 3X Shares	35.26	-37.13	-24.81
S&P 500® Index	38.02	15.27	13.00
FTSE China 50 Index	28.24	-2.29	0.81

Direxion Daily FTSE China Bull 3X Shares  PAGE 1  TSR-AR-25460G195

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$2,015,945,807
Number of Holdings	13
Net Advisory Fee	$7,373,530
Portfolio Turnover	274%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	237%
Investment Companies	63%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Consumer Discretionary	37.4%
Financials	28.8%
Communication Services	16.3%
Energy	5.4%
Information Technology	5.1%
Industrials	1.7%
Materials	1.7%
Health Care	1.5%
Real Estate	1.0%
Consumer Staples	0.7%
Utilities	0.4%

Top 10 Constituents of Index	(%)
Meituan Class B	10.7%
Alibaba Group Holding Ltd.	8.6%
Tencent Holdings Ltd.	8.1%
China Construction Bank Corp. Class H	6.0%
JD.com, Inc. Class A	5.4%
Xiaomi Corp.	5.1%
Ping An Insurance Group Company of China Ltd.	4.1%
BYD	4.1%
Industrial & Commercial Bank of China Ltd.	4.1%
Bank Of China (Hong King) Ltd.	4.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily FTSE China Bull 3X Shares  PAGE 2  TSR-AR-25460G195

10000688154621034257525880552537123324275781000010520109941359314591166811830126155223342459933950100009861984212580111901217013414127476699845310841

	Direxion Daily FTSE China Bear 3X Shares
	YANG (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily FTSE China Bear 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily FTSE China Bear 3X Shares	$63	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily FTSE China Bear 3X Shares seeks to provide -300% of the daily return of the FTSE China 50 Index. The FTSE China 50 Index consists of the 50 largest and most liquid public Chinese companies currently trading on the Hong Kong Stock Exchange. Securities in the index are weighted based on the total market value of their shares, so that securities with higher total market values will generally have a higher representation in the index. Index constituents are screened for liquidity and weightings and are capped to prevent the index from being overly concentrated in any one stock. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the FTSE China 50 Index returned 28.24%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily FTSE China Bear 3X Shares returned -67.92%, while the model indicated an expected return of -71.12%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily FTSE China Bear 3X Shares	-67.92	-39.61	-36.12
S&P 500® Index	38.02	15.27	13.00
FTSE China 50 Index	28.24	-2.29	0.81

Direxion Daily FTSE China Bear 3X Shares  PAGE 1  TSR-AR-25461A460

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$184,483,062
Number of Holdings	7
Net Advisory Fee	$1,120,465
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-300%
Total (as % of net assets)	-300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Consumer Discretionary	37.4%
Financials	28.8%
Communication Services	16.3%
Energy	5.4%
Information Technology	5.1%
Industrials	1.7%
Materials	1.7%
Health Care	1.5%
Real Estate	1.0%
Consumer Staples	0.7%
Utilities	0.4%

Top 10 Constituents of Index	(%)
Meituan Class B	10.7%
Alibaba Group Holding Ltd.	8.6%
Tencent Holdings Ltd.	8.1%
China Construction Bank Corp. Class H	6.0%
JD.com, Inc. Class A	5.4%
Xiaomi Corp.	5.1%
Ping An Insurance Group Comapny of China Ltd.	4.1%
BYD	4.1%
Industrial & Commercial Bank of China Ltd.	4.1%
Bank Of China (Hong King) Ltd.	4.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily FTSE China Bear 3X Shares  PAGE 2  TSR-AR-25461A460

100006006428618111977140959347810813521131000010520109941359314591166811830126155223342459933950100009861984212580111901217013414127476699845310841

	Direxion Daily FTSE Europe Bull 3X Shares
	EURL (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily FTSE Europe Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily FTSE Europe Bull 3X Shares	$122	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily FTSE Europe Bull 3X Shares seeks to provide 300% of the daily return of the FTSE Developed Europe All Cap Index. The FTSE Developed Europe All Cap Index is a market capitalization weighted index that is designed to measure the equity market performance of large-, mid- and small-cap companies in developed markets in Europe. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the FTSE Developed Europe All Cap Index returned 23.43%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily FTSE Europe Bull 3X Shares returned 56.86%, while the model indicated an expected return of 78.27%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily FTSE Europe Bull 3X Shares  PAGE 1  TSR-AR-25459Y280

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily FTSE Europe Bull 3X Shares	56.86	-2.06	-1.58
FTSE Developed Europe All Cap Index	23.43	6.98	5.56

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$21,858,858
Number of Holdings	9
Net Advisory Fee	$179,711
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	238%
Investment Companies	62%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
United Kingdom	18.4%
France	17.2%
Switzerland	13.5%
Germany	13.2%
Netherlands	7.5%
Sweden	5.9%
Spain	5.0%
Italy	5.0%
Denmark	4.5%
Belgium	2.0%
Other	7.8%

Top 10 Constituents of Index	(%)
Novo Nordisk	2.4%
LVMH Moët Hennessy Louis Vuitton	2.1%
Sap SE	1.8%
ASML Holding N.V.	1.7%
Nestlé SA	1.6%
Hermes International S.A.	1.5%
Novartis AG	1.4%
AstraZeneca PLC	1.4%
Roche	1.4%
L’Oréal S.A.	1.3%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily FTSE Europe Bull 3X Shares  PAGE 2  TSR-AR-25459Y280

10000866758911154178039461472212560427154368527100001012094091203911060122531122015970120501391117171

	Direxion Daily MSCI Emerging Markets Bull 3X Shares
	EDC (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily MSCI Emerging Markets Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily MSCI Emerging Markets Bull 3X Shares	$122	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily MSCI Emerging Markets Bull 3X Shares seeks to provide 300% of the daily return of the MSCI Emerging Markets Index^SM. The MSCI Emerging Market Index^SM is a free float-adjusted market capitalization index that is designed to represent the performance of large- and mid-capitalizations securities across 24 emerging markets countries. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the MSCI Emerging Market Index^SM returned 25.32%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Emerging Markets MSCI Bull 3X Shares returned 56.23%, while the model indicated an expected return of 77.81%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily MSCI Emerging Markets Bull 3X Shares	56.23	-12.71	-10.24
MSCI Emerging Markets IndexSM	25.32	3.93	3.43

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown

Direxion Daily MSCI Emerging Markets Bull 3X Shares  PAGE 1  TSR-AR-25490K281

and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$82,706,447
Number of Holdings	9
Net Advisory Fee	$658,165
Portfolio Turnover	220%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	295%
Investment Companies	5%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
China	24.9%
Taiwan, Province Of China	19.0%
India	18.8%
Korea, Republic of	10.1%
Brazil	4.6%
Saudi Arabia	3.9%
South Africa	2.9%
Mexico	1.9%
Indonesia	1.6%
Thailand	1.5%
Other	10.8%

Top 10 Constituents of Index	(%)
Taiwan Semiconductor Manufacturing Co. Ltd.	10.0%
Tencent Holdings Ltd.	4.3%
Samsung Electronics Co. Ltd.	2.6%
Alibaba Group Holding Ltd.	2.3%
Meituan Class B	1.5%
Reliance Industries, Ltd.	1.2%
HDFC Bank	1.1%
PDD Holdings, Inc. ADR	1.1%
Hon Hai Precision Industry Co. Ltd.	1.0%
ICICI Bank Ltd.	1.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSCI Emerging Markets Bull 3X Shares  PAGE 2  TSR-AR-25490K281

100005166564510449569467035572758020182174339610000854793391180910331115561250914631100921118114012

	Direxion Daily MSCI Emerging Markets Bear 3X Shares
	EDZ (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily MSCI Emerging Markets Bear 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily MSCI Emerging Markets Bear 3X Shares	$74	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily MSCI Emerging Markets Bear 3X Shares seeks to provide -300% of the daily return of the MSCI Emerging Markets Index^SM. The MSCI Emerging Market Index^SM is a free float-adjusted market capitalization index that is designed to represent the performance of large- and mid-capitalizations securities across 24 emerging markets countries. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the MSCI Emerging Market Index^SM returned 25.32%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSCI Emerging Markets Bear 3X Shares returned -44.83%, while the model indicated an expected return of -52.75%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily MSCI Emerging Markets Bear 3X Shares	-44.83	-26.97	-25.27
MSCI Emerging Markets IndexSM	25.32	3.93	3.43

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

Direxion Daily MSCI Emerging Markets Bear 3X Shares  PAGE 1  TSR-AR-25460E547

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$16,790,972
Number of Holdings	5
Net Advisory Fee	$77,496
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-300%
Total (as % of net assets)	-300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
China	24.9%
Taiwan, Province Of China	19.0%
India	18.8%
Korea, Republic of	10.1%
Brazil	4.6%
Saudi Arabia	3.9%
South Africa	2.9%
Mexico	1.9%
Indonesia	1.6%
Thailand	1.5%
Other	10.8%

Top 10 Constituents of Index	(%)
Taiwan Semiconductor Manufacturing Co. Ltd.	10.0%
Tencent Holdings Ltd.	4.3%
Samsung Electronics Co. Ltd.	2.6%
Alibaba Group Holding Ltd.	2.3%
Meituan Class B	1.5%
Reliance Industries, Ltd.	1.2%
HDFC Bank	1.1%
PDD Holdings, Inc. ADR	1.1%
Hon Hai Precision Industry Co. Ltd.	1.0%
ICICI Bank Ltd.	1.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSCI Emerging Markets Bear 3X Shares  PAGE 2  TSR-AR-25460E547

100001235670003089397226161078564130998554310000854793391180910331115561250914631100921118114012

	Direxion Daily MSCI Mexico Bull 3X Shares
	MEXX (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily MSCI Mexico Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily MSCI Mexico Bull 3X Shares	$79	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily MSCI Mexico Bull 3X Shares seeks to provide 300% of the daily return of the MSCI Mexico IMI 25/50 Index. The MSCI Mexico IMI 25/50 Index is designed to measure the performance of the large-, mid- and small-capitalization segments of the Mexican equity market, covering approximately 99% of the free float-adjusted market capitalization in Mexico. The index consists of stocks traded primarily on the Mexican Stock Market. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the MSCI Mexico IMI 25/50 Index returned -2.76%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSCI Mexico Bull 3X Shares returned -33.99%, while the model indicated an expected return of -24.86%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (05/03/2017)
Direxion Daily MSCI Mexico Bull 3X Shares	-33.99	-13.34	-18.17
S&P 500® Index	38.02	15.27	14.26
MSCI Mexico IMI 25-50 Index	-2.76	5.92	2.67

Direxion Daily MSCI Mexico Bull 3X Shares  PAGE 1  TSR-AR-25460E281

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$24,839,820
Number of Holdings	7
Net Advisory Fee	$138,334
Portfolio Turnover	56%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	251%
Investment Companies	49%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Consumer Staples	29.3%
Financials	17.8%
Materials	16.3%
Industrials	16.1%
Communication Services	10.3%
Real Estate	7.9%
Consumer Discretionary	1.3%
Health Care	1.0%

Top 10 Constituents of Index	(%)
Grupo Finance Banorte	9.8%
Fomento Economico Mexicano	9.5%
Grupo Mexico Class B	8.0%
Wal-Mart de México S.A.B. de C.V.	7.6%
América Móvil S.A.B. de C.V.	7.6%
Grupo Aeroportuario del Pacífico S.A.B. de C.V.	4.3%
CEMEX S.A.B. de C.V.	3.9%
Grupo Aeroportuario del Sureste S.A.B. de C.V.	3.2%
Arca Continental	2.9%
Grupo Financiero Inbursa S.A.B. de C.V. Series O	2.8%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSCI Mexico Bull 3X Shares  PAGE 2  TSR-AR-25460E281

873243964546112029183103336622221087811677133501464720932178741968627171975783869138711110367111681252812182

	Direxion Daily MSCI South Korea Bull 3X Shares
	KORU (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily MSCI South Korea Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily MSCI South Korea Bull 3X Shares	$97	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily MSCI South Korea Bull 3X Shares seeks to provide 300% of the daily return of the MSCI Korea 25/50 Index. The MSCI Korea 25/50 Index is designed to measure the performance of the large- and mid-cap segments of the South Korean equity market, covering approximately 85% of the free float-adjusted market capitalization of South Korean issuers. To determine if the Fund has met its  daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the MSCI Korea 25/50 Index returned 13.08%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily MSCI South Korea Bull 3X Shares returned 4.21%, while the model indicated an expected return of 16.52%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily MSCI South Korea Bull 3X Shares	4.21	-22.70	-16.80
S&P 500® Index	38.02	15.27	13.00
MSCI Korea 25/50 Index	13.08	2.53	2.44

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

Direxion Daily MSCI South Korea Bull 3X Shares  PAGE 1  TSR-AR-25459Y520

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$57,696,147
Number of Holdings	7
Net Advisory Fee	$288,459
Portfolio Turnover	82%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	233%
Investment Companies	67%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Information Technology	32.1%
Industrials	16.6%
Financials	14.5%
Consumer Discretionary	10.1%
Health Care	8.9%
Materials	6.7%
Communication Services	6.1%
Consumer Staples	2.7%
Energy	1.6%
Utilities	0.7%

Top 10 Constituents of Index	(%)
Samsung Electronics Co. Ltd.	18.0%
SK Hynix, Inc.	9.4%
KB Financial Group	3.4%
Hyundai Motor Co.	2.8%
Celltrion, Inc.	2.7%
Kia Corp.	2.3%
POSCO Holdings, Inc.	2.3%
Shinhan Financial Group Co. Ltd.	2.3%
Naver Corp.	2.1%
Samsung Biologics Co. Ltd.	1.8%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily MSCI South Korea Bull 3X Shares  PAGE 2  TSR-AR-25459Y520

1000072656836154936466576045357110164615251590100001052010994135931459116681183012615522334245993395010000939298271341110823112301259015738104501125112722

	Direxion Daily Aerospace & Defense Bull 3X Shares
	DFEN (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Aerospace & Defense Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Aerospace & Defense Bull 3X Shares	$136	0.92%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Aerospace & Defense Bull 3X Shares seeks to provide 300% of the daily return of the Dow Jones U.S. Select Aerospace & Defense Index. The Dow Jones U.S. Select Aerospace & Defense Index is provided by Dow Jones U.S. Index. The index attempts to measure the performance of the aerospace and defense industry of the U.S. equity market. The Index Provider selects the stocks comprising the index from the aerospace and defense sector on the basis of the float-adjusted, market capitalization-weight of each constituent. Aerospace companies include manufacturers, assemblers and distributors of aircraft and aircraft parts. Defense companies include producers of components and equipment for the defense industry, such as military aircraft, radar equipment and weapons. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Dow Jones U.S. Select Aerospace & Defense Index returned 33.12%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Aerospace & Defense Bull 3X Shares returned 94.57% for the same period, while the model indicated an expected return of 121.83%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Aerospace & Defense Bull 3X Shares  PAGE 1  TSR-AR-25460E661

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (05/03/2017)
Direxion Daily Aerospace & Defense Bull 3X Shares	94.57	-9.76	4.25
S&P 500® Index	38.02	15.27	14.26
Dow Jones U.S. Select Aerospace & Defense Index	33.12	7.15	10.42

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$186,970,065
Number of Holdings	42
Net Advisory Fee	$1,280,226
Portfolio Turnover	52%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	241%
Common Stocks	59%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Aerospace & Defense	99.8%
Leisure Products	0.2%

Top 10 Constituents of Index	(%)
General Electric Co.	18.1%
RTX Corp.	15.6%
Lockheed Martin Corp.	10.5%
Axon Enterprise, Inc.	5.1%
Boeing Co.	5.1%
L3Harris Technologies, Inc.	4.8%
Howmet Aerospace, Inc.	4.6%
Northrop Grumman Corp.	4.3%
TransDigm Group, Inc.	4.3%
General Dynamics Corp.	4.3%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Aerospace & Defense Bull 3X Shares  PAGE 2  TSR-AR-25460E661

16012171952283236848554769270231366510878116771335014647209321787419686271711184812771148891044914630152261580021033

	Direxion Daily Consumer Discretionary Bull 3X Shares
	WANT (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Consumer Discretionary Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Consumer Discretionary Bull 3X Shares	$132	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Consumer Discretionary Bull 3X Shares seeks to provide 300% of the daily return of the Consumer Discretionary Select Sector Index. The Consumer Discretionary Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the consumer discretionary sector which includes the following industries: retail (specialty, multiline, internet & direct marketing); hotels, restaurants & leisure; textiles, apparel & luxury goods; household durables; automobiles; automobile components; distributors; leisure equipment & products; and diversified consumer services. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Consumer Discretionary Select Sector Index returned 30.72%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Consumer Discretionary Bull 3X Shares returned 78.00% for the same period, while the model indicated an expected return of 103.12%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Consumer Discretionary Bull 3X Shares  PAGE 1  TSR-AR-25459Y801

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (11/29/2018)
Direxion Daily Consumer Discretionary Bull 3X Shares	78.00	4.13	7.85
S&P 500® Index	38.02	15.27	15.06
Consumer Discretionary Select Sector Index	30.72	11.35	11.94

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$22,930,191
Number of Holdings	57
Net Advisory Fee	$203,823
Portfolio Turnover	72%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	250%
Common Stocks	50%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Hotels, Restaurants & Leisure	25.1%
Broadline Retail	23.3%
Specialty Retail	22.6%
Automobiles	17.0%
Household Durables	5.2%
Textiles, Apparel & Luxury Goods	4.8%
Distributors	1.1%
Automobile Components	0.6%
Leisure Products	0.3%

Top 10 Constituents of Index	(%)
Amazon.com, Inc.	22.5%
Tesla, Inc.	14.3%
The Home Depot, Inc.	8.0%
Booking Holdings, Inc.	4.4%
McDonald’s Corp.	4.3%
Lowe’s Companies, Inc.	4.2%
TJX Companies, Inc.	3.6%
Starbucks Corp.	3.1%
NIKE, Inc. Class B	2.6%
Chipotle Mexican Grill, Inc.	2.2%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Consumer Discretionary Bull 3X Shares  PAGE 2  TSR-AR-25459Y801

1278314609372349492879215650112761237117680150961662822949113961366019367139831492019504

	Direxion Daily Dow Jones Internet Bull 3X Shares
	WEBL (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Dow Jones Internet Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Dow Jones Internet Bull 3X Shares	$158	0.94%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Dow Jones Internet Bull 3X Shares seeks to provide 300% of the daily return of the Dow Jones Internet Composite Index. The Dow Jones Internet Composite Index includes companies that generate at least 50% of their annual sales/revenue from the internet as determined by the Index Provider. Additionally, each stock must have a minimum of three months’ trading history and a three month average market capitalization of at least $100 million. The Index consists of 40 stocks that are included in two different sectors, internet commerce and internet services. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Dow Jones Internet Composite Index returned 44.26%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Dow Jones Internet Bull 3X Shares returned 136.73%, while the model indicated an expected return of 169.85%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Dow Jones Internet Bull 3X Shares  PAGE 1  TSR-AR-25460E364

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (11/07/2019)
Direxion Daily Dow Jones Internet Bull 3X Shares	136.73	-3.09
S&P 500® Index	38.02	15.02
Dow Jones Internet Composite Index	44.26	11.03

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$134,852,836
Number of Holdings	47
Net Advisory Fee	$1,237,181
Portfolio Turnover	61%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	232%
Common Stocks	68%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Information Technology	36.2%
Communication Services	31.2%
Consumer Discretionary	23.8%
Financials	4.3%
Industrials	2.9%
Health Care	1.6%

Top 10 Constituents of Index	(%)
Meta Platforms, Inc.	10.0%
Amazon.com, Inc.	9.1%
Netflix, Inc.	8.3%
Salesforce, Inc.	7.2%
Alphabet, Inc.	5.6%
Booking Holdings, Inc.	5.0%
Alphabet, Inc. Class C	4.6%
Arista Networks, Inc.	4.6%
Cisco Systems, Inc.	4.5%
PayPal Holdings, Inc.	4.2%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Dow Jones Internet Bull 3X Shares  PAGE 2  TSR-AR-25460E364

18203347943018361385531082915477132151455620089140581848197931167916848

	Direxion Daily Dow Jones Internet Bear 3X Shares
	WEBS (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Dow Jones Internet Bear 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Dow Jones Internet Bear 3X Shares	$63	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Dow Jones Internet Bear 3X Shares seeks to provide -300% of the daily return of the Dow Jones Internet Composite Index. The Dow Jones Internet Composite Index includes companies that generate at least 50% of their annual sales/revenue from the internet as determined by the Index Provider. Additionally, each stock must have a minimum of three months’ trading history and a three month average market capitalization of at least $100 million. The Index consists of 40 stocks that are included in two different sectors, internet commerce and internet services. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Dow Jones Internet Composite Index returned 44.26%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Dow Jones Internet Bear 3X Shares returned -66.86%, while the model indicated an expected return of -73.08%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Dow Jones Internet Bear 3X Shares  PAGE 1  TSR-AR-25461A486

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (11/07/2019)
Direxion Daily Dow Jones Internet Bear 3X Shares	-66.86	-53.57
S&P 500® Index	38.02	15.02
Dow Jones Internet Composite Index	44.26	11.03

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$17,127,110
Number of Holdings	6
Net Advisory Fee	$135,389
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-300%
Total (as % of net assets)	-300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Information Technology	36.2%
Communication Services	31.2%
Consumer Discretionary	23.8%
Financials	4.3%
Industrials	2.9%
Health Care	1.6%

Top 10 Constituents of Index	(%)
Meta Platforms, Inc.	10.0%
Amazon.com, Inc.	9.1%
Netflix, Inc.	8.3%
Salesforce, Inc.	7.2%
Alphabet, Inc.	5.6%
Booking Holdings, Inc.	5.0%
Alphabet, Inc. Class C	4.6%
Arista Networks, Inc.	4.6%
Cisco Systems, Inc.	4.5%
PayPal Holdings, Inc.	4.2%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Dow Jones Internet Bear 3X Shares  PAGE 2  TSR-AR-25461A486

177457715336582181082915477132151455620089140581848197931167916848

	Direxion Daily Financial Bull 3X Shares
	FAS (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Financial Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Financial Bull 3X Shares	$158	0.87%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Financial Bull 3X Shares seeks to provide 300% of the daily return of the Financial Select Sector Index. The Financial Select Sector Index is provided by S&P Dow Jones Indices and includes securities of companies from the following industries: Banks; Thrifts & Mortgage Finance; Diversified Financial Services; Consumer Finance; Capital Markets; Insurance; and Mortgage Real Estate Investment Trusts (REITs). To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Financial Select Sector Index returned 46.35%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Financial Bull 3X Shares returned 162.48%, while the model indicated an expected return of 219.30%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Financial Bull 3X Shares	162.48	12.66	18.03
Financial Select Sector Index	46.35	12.46	11.42

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown

Direxion Daily Financial Bull 3X Shares  PAGE 1  TSR-AR-25459Y694

and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$2,374,110,197
Number of Holdings	84
Net Advisory Fee	$15,948,998
Portfolio Turnover	19%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	230%
Common Stocks	70%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Financial Services	31.4%
Banks	24.9%
Capital Markets	23.4%
Insurance	16.1%
Consumer Finance	4.2%

Top 10 Constituents of Index	(%)
Berkshire Hathaway Class B	12.8%
JPMorgan Chase & Co.	9.8%
Visa, Inc. Class A	7.5%
MasterCard, Inc. Class A	6.4%
Bank of America Corp.	4.4%
Wells Fargo & Co.	3.4%
Goldman Sachs Group, Inc.	2.5%
S&P Global, Inc.	2.4%
American Express Co.	2.4%
Morgan Stanley	2.2%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Financial Bull 3X Shares  PAGE 2  TSR-AR-25459Y694

10000105961029121154207352891212125524102693119986524601000010285106391458314674163941399324088207032014729486

	Direxion Daily Financial Bear 3X Shares
	FAZ (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Financial Bear 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Financial Bear 3X Shares	$62	0.91%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Financial Bear 3X Shares seeks to provide -300% of the daily return of the Financial Select Sector Index. The Financial Select Sector Index is provided by S&P Dow Jones Indices and includes securities of companies from the following industries: Banks; Thrifts & Mortgage Finance; Diversified Financial Services; Consumer Finance; Capital Markets; Insurance; and Mortgage Real Estate Investment Trusts (REITs). To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Financial Select Sector Index returned 46.35%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Financial Bear 3X Shares returned -64.30%, while the model indicated an expected return of -73.48%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Financial Bear 3X Shares	-64.30	-50.26	-43.23
Financial Select Sector Index	46.35	12.46	11.42

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown

Direxion Daily Financial Bear 3X Shares  PAGE 1  TSR-AR-25460E240

and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$128,316,186
Number of Holdings	8
Net Advisory Fee	$1,005,622
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-300%
Total (as % of net assets)	-300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Financial Services	31.4%
Banks	24.9%
Capital Markets	23.4%
Insurance	16.1%
Consumer Finance	4.2%

Top 10 Constituents of Index	(%)
Berkshire Hathaway Class B	12.8%
JPMorgan Chase & Co.	9.8%
Visa, Inc. Class A	7.5%
MasterCard, Inc. Class A	6.4%
Bank of America Corp.	4.4%
Wells Fargo & Co.	3.4%
Goldman Sachs Group, Inc.	2.5%
S&P Global, Inc.	2.4%
American Express Co.	2.4%
Morgan Stanley	2.2%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Financial Bear 3X Shares  PAGE 2  TSR-AR-25460E240

1000071785382230819331141516809097351000010285106391458314674163941399324088207032014729486

	Direxion Daily Healthcare Bull 3X Shares
	CURE (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Healthcare Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Healthcare Bull 3X Shares	$111	0.90%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Healthcare Bull 3X Shares seeks to provide 300% of the daily return of the Health Care Select Sector Index. The Health Care Select Sector Index is provided by Standard & Poor’s and includes domestic companies from the healthcare sector, which includes the following industries: pharmaceuticals; health care equipment and supplies; health care providers and services; biotechnology; life sciences tools and services; and health care technology. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Health Care Select Sector Index returned 19.91%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Healthcare Bull 3X Shares returned 46.26%, while the model indicated an expected return of 66.61%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Healthcare Bull 3X Shares	46.26	15.27	15.00
S&P 500® Index	38.02	15.27	13.00
Health Care Select Sector Index	19.91	11.19	10.02

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

Direxion Daily Healthcare Bull 3X Shares  PAGE 1  TSR-AR-25459Y876

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$153,896,151
Number of Holdings	69
Net Advisory Fee	$1,431,196
Portfolio Turnover	23%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	224%
Common Stocks	76%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Pharmaceuticals	31.2%
Health Care Equipment & Supplies	21.0%
Health Care Providers & Services	20.8%
Biotechnology	16.9%
Life Sciences Tools & Services	10.1%

Top 10 Constituents of Index	(%)
Eli Lilly & Co.	12.2%
UnitedHealth Group, Inc.	9.7%
Johnson & Johnson	7.1%
AbbVie, Inc.	6.7%
Merck & Co., Inc.	4.8%
Thermo Fisher Scientific, Inc.	3.9%
Abbott Laboratories	3.7%
Intuitive Surgical, Inc.	3.3%
Amgen, Inc.	3.2%
Pfizer, Inc.	3.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Healthcare Bull 3X Shares  PAGE 2  TSR-AR-25459Y876

10000110128719148921797319880191144254137500276654046210000105201099413593145911668118301261552233424599339501000010765103341266214082152981683622530227132167725994

	Direxion Daily Homebuilders & Supplies Bull 3X Shares
	NAIL (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Homebuilders & Supplies Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Homebuilders & Supplies Bull 3X Shares	$179	0.91%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Homebuilders & Supplies Bull 3X Shares seeks to provide 300% of the daily return of the Dow Jones U.S. Select Home Construction Index. The Dow Jones U.S. Select Home Construction Index measures U.S. companies in the home construction sector that provide a wide range of products and services related to homebuilding, including home construction and producers, sellers and suppliers of building materials, furnishings and fixtures and also home improvement retailers. The index may include large-, mid- or small-capitalization companies. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Dow Jones U.S. Select Home Construction Index returned 60.67%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Homebuilders & Supplies Bull 3X Shares returned 193.80%, while the model indicated an expected return of 234.47%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Homebuilders & Supplies Bull 3X Shares  PAGE 1  TSR-AR-25490K596

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (08/19/2015)
Direxion Daily Homebuilders & Supplies Bull 3X Shares	193.80	13.03	13.90
S&P 500® Index	38.02	15.27	13.52
Dow Jones U.S. Select Home Construction Index	60.67	22.53	17.20

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$328,359,188
Number of Holdings	52
Net Advisory Fee	$2,202,095
Portfolio Turnover	70%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	242%
Common Stocks	58%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Household Durables	64.7%
Building Products	17.4%
Specialty Retail	11.3%
Chemicals	4.4%
Construction Materials	1.4%
Trading Companies & Distributors	0.8%

Top 10 Constituents of Index	(%)
D.R. Horton, Inc..	14.2%
Lennar Corp. Class A	11.8%
NVR, Inc.	8.0%
PulteGroup, Inc.	7.7%
The Home Depot, Inc.	4.8%
Lowe’s Companies, Inc.	4.8%
The Sherwin Williams Co.	4.4%
Toll Brothers, Inc.	4.3%
TopBuild Corp.	3.0%
Builders FirstSource, Inc.	2.9%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Homebuilders & Supplies Bull 3X Shares  PAGE 2  TSR-AR-25490K596

72585310179237183179461009621243669111271331139953104021286013805157821731524746211302327332121917287681363410778155981833725627202702681243079

	Direxion Daily Industrials Bull 3X Shares
	DUSL (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Industrials Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Industrials Bull 3X Shares	$152	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Industrials Bull 3X Shares seeks to provide 300% of the daily return of the Industrials Select Sector Index. The Industrials Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the industrials sector which includes the following industries: aerospace and defense; industry conglomerates; machinery; road and rail; air freight and logistics; commercial services and supplies; professional services; electrical equipment; construction and engineering; trading companies and distributors; airlines; and building products. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Industrials Select Sector Index returned 38.23%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Industrials Bull 3X Shares returned 120.91%, while the model indicated an expected return of 151.08%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Industrials Bull 3X Shares  PAGE 1  TSR-AR-25460E737

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (05/03/2017)
Direxion Daily Industrials Bull 3X Shares	120.91	14.33	13.84
S&P 500® Index	38.02	15.27	14.26
Industrials Select Sector Index	38.23	13.23	11.86

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$37,009,964
Number of Holdings	85
Net Advisory Fee	$241,960
Portfolio Turnover	20%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	226%
Common Stocks	74%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Aerospace & Defense	22.7%
Machinery	19.6%
Ground Transportation	11.4%
Electrical Equipment	9.3%
Professional Services	7.9%
Commercial Services & Supplies	7.7%
Building Products	6.2%
Industrial Conglomerates	5.0%
Air Freight & Logistics	4.6%
Trading Companies & Distributors	3.6%
Passenger Airlines	2.0%

Top 10 Constituents of Index	(%)
General Electric Co.	4.5%
Caterpillar, Inc.	4.4%
RTX Corp.	3.9%
Uber Technologies, Inc.	3.7%
Union Pacific Corp.	3.4%
Honeywell International, Inc.	3.3%
Eaton Corporation PLC ADR	3.2%
Automatic Data Processing, Inc.	2.9%
Lockheed Martin Corp.	2.8%
Boeing Co.	2.7%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Industrials Bull 3X Shares  PAGE 2  TSR-AR-25460E737

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Industrials Bull 3X Shares  PAGE 3  TSR-AR-25460E737

12372106071353276741887712136119642643010878116771335014647209321787419686271711086710832124461229717196157871676123168

	Direxion Daily Pharmaceutical & Medical Bull 3X Shares
	PILL (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Pharmaceutical & Medical Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Pharmaceutical & Medical Bull 3X Shares	$132	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Pharmaceutical & Medical Bull 3X Shares seeks to provide 300% of the daily return of the S&P Pharmaceuticals Select Industry Index. The S&P Pharmaceuticals Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard (GICS) pharmaceuticals subindustry. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the S&P Pharmaceuticals Select Industry Index returned 30.19%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Pharmaceutical & Medical Bull 3X Shares returned 77.94%, while the model indicated an expected return of 102.29%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Pharmaceutical & Medical Bull 3X Shares  PAGE 1  TSR-AR-25460E646

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (11/15/2017)
Direxion Daily Pharmaceutical & Medical Bull 3X Shares	77.94	-9.97	-13.13
S&P 500® Index	38.02	15.27	14.01
S&P Pharmaceuticals Select Industry Index	30.19	4.64	2.62

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$14,772,235
Number of Holdings	51
Net Advisory Fee	$81,317
Portfolio Turnover	67%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	226%
Common Stocks	74%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Pharmaceuticals	100.0%

Top 10 Constituents of Index	(%)
Corcept Therapeutics, Inc.	4.5%
Longboard Pharmaceuticals, Inc.	4.1%
Bristol-Myers Squibb Co.	3.9%
Intra-Cellular Therapies, Inc.	3.9%
Edgewise Therapeutics, Inc.	3.5%
Jazz Pharmaceuticals PLC ADR	3.5%
Viatris, Inc.	3.5%
Catalent, Inc.	3.4%
Royalty Pharma PLC ADR	3.4%
Pfizer, Inc.	3.4%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Pharmaceutical & Medical Bull 3X Shares  PAGE 2  TSR-AR-25460E646

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Pharmaceutical & Medical Bull 3X Shares  PAGE 3  TSR-AR-25460E646

1064963456386733841272109375210708122421343119194163901805224915105709546109731202310715919811976

	Direxion Daily Real Estate Bull 3X Shares
	DRN (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Real Estate Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Real Estate Bull 3X Shares	$142	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Real Estate Bull 3X Shares seeks to provide 300% of the daily return of the Real Estate Select Sector Index. The Real Estate Select Sector Index is provided by S&P Dow Jones Indices and includes securities of companies from the following industries: real estate management and development and real estate investment trusts (“REITs”), excluding mortgage REITs. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Real Estate Select Sector Index returned 35.15%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Real Estate Bull 3X Shares returned 99.78%, while the model indicated an expected return of 126.16%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Real Estate Bull 3X Shares	99.78	-14.47	-1.78
S&P 500® Index	38.02	15.27	13.00
Real Estate Select Sector Index	35.15	5.52	7.58

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

Direxion Daily Real Estate Bull 3X Shares  PAGE 1  TSR-AR-25459W755

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$96,619,988
Number of Holdings	36
Net Advisory Fee	$611,269
Portfolio Turnover	48%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	238%
Common Stocks	62%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Specialized REITs	44.6%
Retail REITs	12.7%
Health Care REITs	12.5%
Residential REITs	12.2%
Industrial REITs	9.5%
Real Estate Management & Development	6.3%
Hotel & Resort REITs	1.1%
Office REITs	1.1%

Top 10 Constituents of Index	(%)
Prologis, Inc.	9.5%
American Tower Corp.	9.1%
Equinix, Inc.	7.8%
Welltower, Inc.	7.1%
Digital Realty Trust, Inc.	5.0%
Public Storage	4.7%
Simon Property Group, Inc.	4.7%
Realty Income Corp.	4.7%
Crown Castle, Inc.	4.2%
CBRE Group, Inc. Class A	3.6%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Real Estate Bull 3X Shares  PAGE 2  TSR-AR-25459W755

10000104791131512222113501825555951637265424181835310000105201099413593145911668118301261552233424599339501000010781111731222812524158711424420698164251535920758

	Direxion Daily Real Estate Bear 3X Shares
	DRV (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Real Estate Bear 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Real Estate Bear 3X Shares	$67	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Real Estate Bear 3X Shares seeks to provide -300% of the daily return of the Real Estate Select Sector Index. The Real Estate Select Sector Index is provided by S&P Dow Jones Indices and includes securities of companies from the following industries: real estate management and development and real estate investment trusts (“REITs”), excluding mortgage REITs. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Real Estate Select Sector Index returned 35.15%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Real Estate Bear 3X Shares returned -58.72%, while the model indicated an expected return of -66.18%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Real Estate Bear 3X Shares	-58.72	-35.94	-32.73
S&P 500® Index	38.02	15.27	13.00
Real Estate Select Sector Index	35.15	5.52	7.58

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

Direxion Daily Real Estate Bear 3X Shares  PAGE 1  TSR-AR-25460G419

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$66,357,493
Number of Holdings	5
Net Advisory Fee	$727,108
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-300%
Total (as % of net assets)	-300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Specialized REITs	44.6%
Retail REITs	12.7%
Health Care REITs	12.5%
Residential REITs	12.2%
Industrial REITs	9.5%
Real Estate Management & Development	6.3%
Hotel & Resort REITs	1.1%
Office REITs	1.1%

Top 10 Constituents of Index	(%)
Prologis, Inc.	9.5%
American Tower Corp.	9.1%
Equinix, Inc.	7.8%
Welltower, Inc.	7.1%
Digital Realty Trust, Inc.	5.0%
Public Storage	4.7%
Simon Property Group, Inc.	4.7%
Realty Income Corp.	4.7%
Crown Castle, Inc.	4.2%
CBRE Group, Inc. Class A	3.6%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Real Estate Bear 3X Shares  PAGE 2  TSR-AR-25460G419

1000070534787378133781758105028141546019010000105201099413593145911668118301261552233424599339501000010781111731222812524158711424420698164251535920758

	Direxion Daily Regional Banks Bull 3X Shares
	DPST (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Regional Banks Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Regional Banks Bull 3X Shares	$152	0.87%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Regional Banks Bull 3X Shares seeks to provide 300% of the daily return of the S&P Regional Banks Select Industry Index. The S&P Regional Banks Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard regional banks sub-industry. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the S&P Regional Banks Select Industry Index returned 53.97%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Regional Banks Bull 3X Shares returned 149.84%, while the model indicated an expected return of 185.02%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Regional Banks Bull 3X Shares  PAGE 1  TSR-AR-25460G153

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (08/19/2015)
Direxion Daily Regional Banks Bull 3X Shares	149.84	-32.20	-18.45
S&P 500® Index	38.02	15.27	13.52
S&P Regional Banks Select Industry Index	53.97	5.19	6.28

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$762,914,032
Number of Holdings	154
Net Advisory Fee	$5,488,071
Portfolio Turnover	138%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	230%
Common Stocks	70%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Banks	100.0%

Top 10 Constituents of Index	(%)
M&T Bank Corp.	5.1%
Regions Financial Corp.	4.8%
Huntington Bancshares, Inc.	4.8%
Citizens Financial Group, Inc.	4.6%
Truist Financial Corp.	4.5%
First Horizon National Corp.	3.7%
Zions Bancorp	3.0%
Western Alliance Bancorp	2.3%
Webster Financial Corp.	2.3%
Bank OZK	2.3%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Regional Banks Bull 3X Shares  PAGE 2  TSR-AR-25460G153

88238675167781255010687172867393996613153199531040212860138051578217315247462113023273321219894103551375913266135941078419118176911137117509

	Direxion Daily Retail Bull 3X Shares
	RETL (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Retail Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Retail Bull 3X Shares	$122	0.92%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Retail Bull 3X Shares seeks to provide 300% of the daily return of the S&P Retail Select Industry Index. The S&P Retail Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard retail sub-industry. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the S&P Retail Select Industry Index returned 29.80%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Retail Bull 3X Shares returned 65.88%, while the model indicated an expected return of 88.82%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Retail Bull 3X Shares	65.88	-1.35	1.54
S&P 500® Index	38.02	15.27	13.00
S&P Retail Select Industry Index	29.80	13.50	7.06

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown

Direxion Daily Retail Bull 3X Shares  PAGE 1  TSR-AR-25460G815

and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$40,765,257
Number of Holdings	85
Net Advisory Fee	$380,011
Portfolio Turnover	67%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	225%
Common Stocks	75%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Specialty Retail	69.2%
Consumer Staples Distribution & Retail	19.4%
Broadline Retail	11.4%

Top 10 Constituents of Index	(%)
Carvana Co.	2.4%
EVgo, Inc.	1.8%
Victoria’s Secret & Co.	1.8%
Sprouts Farmers Market, Inc.	1.7%
Lithia Motors, Inc. Class A.	1.6%
Warby Parker, Inc.	1.6%
GameStop Corp. Class A	1.5%
Dillard’s, Inc. Class A	1.5%
Monro Muffler Brake, Inc.	1.5%
The ODP Corp.	1.5%

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Retail Bull 3X Shares  PAGE 2  TSR-AR-25460G815

100001859019627127151928412468115155631510994703511647100001052010994135931459116681183012615522334245993395010000105049800931811297104991228123478159891523419774

	Direxion Daily S&P 500® High Beta Bull 3X Shares
	HIBL (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily S&P 500® High Beta Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily S&P 500® High Beta Bull 3X Shares	$140	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily S&P 500^® High Beta Bull 3X Shares seeks to provide 300% of the daily return of the S&P 500^® High Beta Index. The S&P 500^® High Beta Index selects 100 securities to include in the Index from the S&P 500^® Index that have the highest sensitivity to market movements, or “beta” over the past 12 months as determined by the Index Provider. Securities with the highest beta are generally the most volatile securities of the S&P 500^® Index. The Index is reviewed and rebalanced quarterly. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the S&P 500^® High Beta Index returned 36.47%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily S&P 500^® High Beta Bull 3X Shares returned 94.90%, while the model indicated an expected return of 121.64%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily S&P 500® High Beta Bull 3X Shares  PAGE 1  TSR-AR-25460G856

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (11/07/2019)
Direxion Daily S&P 500® High Beta Bull 3X Shares	94.90	3.16
S&P 500® Index	38.02	15.02
S&P 500® High Beta Index	36.47	16.65

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$39,105,615
Number of Holdings	104
Net Advisory Fee	$442,361
Portfolio Turnover	112%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	221%
Common Stocks	79%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Information Technology	43.6%
Consumer Discretionary	17.4%
Industrials	15.5%
Financials	5.8%
Health Care	5.7%
Utilities	3.3%
Materials	3.1%
Communication Services	2.8%
Real Estate	1.8%
Consumer Staples	1.0%

Top 10 Constituents of Index	(%)
NVIDIA Corp.	2.0%
Advanced Micro Devices, Inc.	1.6%
Broadcom, Inc.	1.6%
Norwegian Cruise Line Holdings Ltd. ADR	1.6%
Tesla, Inc.	1.6%
Carnival Corp. ADR	1.5%
Monolithic Power Systems, Inc.	1.5%
Albemarle Corp.	1.5%
CrowdStrike Holdings, Inc.	1.4%
Arista Networks, Inc.	1.4%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily S&P 500® High Beta Bull 3X Shares  PAGE 2  TSR-AR-25460G856

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P 500® High Beta Bull 3X Shares  PAGE 3  TSR-AR-25460G856

408721388722859931168010829154771321514556200891003718936151931579321553

	Direxion Daily S&P 500® High Beta Bear 3X Shares
	HIBS (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily S&P 500® High Beta Bear 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily S&P 500® High Beta Bear 3X Shares	$65	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily S&P 500^® High Beta Bear 3X Shares seeks to provide -300% of the daily return of the S&P 500^® High Beta Index. The S&P 500^® High Beta Index selects 100 securities to include in the Index from the S&P 500^® Index that have the highest sensitivity to market movements, or “beta” over the past 12 months as determined by the Index Provider. Securities with the highest beta are generally the most volatile securities of the S&P 500^® Index. The Index is reviewed and rebalanced quarterly. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the S&P 500^® High Beta Index returned 36.47%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily S&P 500^® High Beta Bear 3X Shares returned -63.40%, while the model indicated an expected return of -70.10%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily S&P 500® High Beta Bear 3X Shares  PAGE 1  TSR-AR-25460E224

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (11/07/2019)
Direxion Daily S&P 500® High Beta Bear 3X Shares	-63.40	-66.10
S&P 500® Index	38.02	15.02
S&P 500® High Beta Index	36.47	16.65

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$29,841,317
Number of Holdings	7
Net Advisory Fee	$263,377
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-300%
Total (as % of net assets)	-300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Information Technology	43.6%
Consumer Discretionary	17.4%
Industrials	15.5%
Financials	5.8%
Health Care	5.7%
Utilities	3.3%
Materials	3.1%
Communication Services	2.8%
Real Estate	1.8%
Consumer Staples	1.0%

Top 10 Constituents of Index	(%)
NVIDIA Corp.	2.0%
Advanced Micro Devices, Inc.	1.6%
Broadcom, Inc.	1.6%
Norwegian Cruise Line Holdings Ltd. ADR	1.6%
Tesla, Inc.	1.6%
Carnival Corp. ADR	1.5%
Monolithic Power Systems, Inc.	1.5%
Albemarle Corp.	1.5%
CrowdStrike Holdings, Inc.	1.4%
Arista Networks, Inc.	1.4%

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P 500® High Beta Bear 3X Shares  PAGE 2  TSR-AR-25460E224

20241821731244510829154771321514556200891003718936151931579321553

	Direxion Daily S&P Biotech Bull 3X Shares
	LABU (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily S&P Biotech Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily S&P Biotech Bull 3X Shares	$146	0.91%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily S&P Biotech Bull 3X Shares seeks to provide 300% of the daily return of the S&P Biotechnology Select Industry Index. The S&P Biotechnology Select Industry Index is provided by Standard & Poor’s and includes domestic companies from the biotechnology industry. The index is designed to measure the performance of the biotechnology sub-industry based on the Global Industry Classification Standards. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the S&P Biotechnology Select Industry Index returned 46.86%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily S&P Biotech Bull 3X Shares returned 120.56%, while the model indicated an expected return of 151.12%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (05/28/2015)
Direxion Daily S&P Biotech Bull 3X Shares	120.56	-30.53	-29.32
S&P 500® Index	38.02	15.27	13.08
S&P Biotechnology Select Industry Index	46.86	3.75	2.42

Direxion Daily S&P Biotech Bull 3X Shares  PAGE 1  TSR-AR-25460G120

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$887,427,379
Number of Holdings	154
Net Advisory Fee	$7,950,844
Portfolio Turnover	179%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	230%
Common Stocks	70%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Biotechnology	100.0%

Top 10 Constituents of Index	(%)
Incyte Corp.	3.0%
United Therapeutics Corp.	2.8%
Viking Therapeutics, Inc.	2.8%
Gilead Sciences, Inc.	2.8%
Exact Sciences Corp.	2.7%
AbbVie, Inc.	2.7%
Sarepta Therapeutics, Inc.	2.6%
Alnylam Pharmaceuticals, Inc.	2.6%
Neurocrine Biosciences, Inc.	2.5%
Vertex Pharmaceuticals, Inc.	2.5%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P Biotech Bull 3X Shares  PAGE 2  TSR-AR-25460G120

4808180147783092234533763359468172379987610321127601369715660171802455320966230923187184727115106571011510422143911599610552853012527

	Direxion Daily S&P Biotech Bear 3X Shares
	LABD (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily S&P Biotech Bear 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily S&P Biotech Bear 3X Shares	$59	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily S&P Biotech Bear 3X Shares seeks to provide -300% of the daily return of the S&P Biotechnology Select Industry Index. The S&P Biotechnology Select Industry Index is provided by Standard & Poor’s and includes domestic companies from the biotechnology industry. The index is designed to measure the performance of the biotechnology sub-industry based on the Global Industry Classification Standards. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the S&P Biotechnology Select Industry Index returned 46.86%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily S&P Biotech Bear 3X Shares returned -76.03%, while the model indicated an expected return of -80.43%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (05/28/2015)
Direxion Daily S&P Biotech Bear 3X Shares	-76.03	-56.10	-52.76
S&P 500® Index	38.02	15.27	13.08
S&P Biotechnology Select Industry Index	46.86	3.75	2.42

Direxion Daily S&P Biotech Bear 3X Shares  PAGE 1  TSR-AR-25460G716

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$77,835,733
Number of Holdings	10
Net Advisory Fee	$835,485
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-300%
Total (as % of net assets)	-300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Biotechnology	100.0%

Top 10 Constituents of Index	(%)
Incyte Corp.	3.0%
United Therapeutics Corp.	2.8%
Viking Therapeutics, Inc.	2.8%
Gilead Sciences, Inc.	2.8%
Exact Sciences Corp.	2.7%
AbbVie, Inc.	2.7%
Sarepta Therapeutics, Inc.	2.6%
Alnylam Pharmaceuticals, Inc.	2.6%
Neurocrine Biosciences, Inc.	2.5%
Vertex Pharmaceuticals, Inc.	2.5%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily S&P Biotech Bear 3X Shares  PAGE 2  TSR-AR-25460G716

1027068751260985521702726358987610321127601369715660171802455320966230923187184727115106571011510422143911599610552853012527

	Direxion Daily Semiconductor Bull 3X Shares
	SOXL (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Semiconductor Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Semiconductor Bull 3X Shares	$94	0.62%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Semiconductor Bull 3X Shares seeks to provide 300% of the daily return of the NYSE Semiconductor Index. The NYSE Semiconductor Index is a rules-based, modified float-adjusted market capitalization-weighted index that tracks the performance of the 30 largest U.S. listed semiconductor companies. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the NYSE Semiconductor Index returned 49.58%. Given the  daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Semiconductor Bull 3X Shares returned 102.08%, while the model indicated an expected return of 131.41%. Effective November 3, 2023, the name of the underlying index for the Direxion Daily Semiconductor Bull 3X Shares was changed from the ICE Semiconductor Index to the NYSE Semiconductor Index.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Semiconductor Bull 3X Shares  PAGE 1  TSR-AR-25459W458

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Semiconductor Bull 3X Shares	102.08	18.34	33.28
S&P 500® Index	38.02	15.27	13.00
NYSE Semiconductor Index	49.58	25.62	23.41

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$9,927,017,716
Number of Holdings	43
Net Advisory Fee	$50,530,105
Portfolio Turnover	145%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	230%
Common Stocks	70%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Semiconductors & Semiconductor Equipment	100.0%

Top 10 Constituents of Index	(%)
NVIDIA Corp.	9.4%
Broadcom, Inc.	8.8%
Advanced Micro Devices, Inc.	8.2%
Texas Instruments, Inc.	6.3%
Qualcomm, Inc.	6.1%
Marvell Technology, Inc.	4.4%
Micron Technology, Inc.	4.4%
Taiwan Semiconductor Manufacturing Co. Ltd.	4.3%
Intel Corp.	4.1%
Analog Devices, Inc.	4.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Semiconductor Bull 3X Shares  PAGE 2  TSR-AR-25459W458

1000097501658256097383277619695916275492516958749817681610000105201099413593145911668118301261552233424599339501000010622135352087019093262073607257080398555480481972

	Direxion Daily Semiconductor Bear 3X Shares
	SOXS (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Semiconductor Bear 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Semiconductor Bear 3X Shares	$51	0.86%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Semiconductor Bear 3X Shares seeks to provide -300% of the daily return of the NYSE Semiconductor Index. The NYSE Semiconductor Index is a rules-based, modified float-adjusted market capitalization-weighted index that tracks the performance of the 30 largest U.S. listed semiconductor companies. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the NYSE Semiconductor Index returned 49.58%. Given the  daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Semiconductor Bear 3X Shares returned -82.13%, while the model indicated an expected return of -85.53%. Effective November 3, 2023, the name of the underlying index for the Direxion Daily Semiconductor Bear 3X Shares was changed from the ICE Semiconductor Index to the NYSE Semiconductor Index.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Semiconductor Bear 3X Shares  PAGE 1  TSR-AR-25460G112

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Semiconductor Bear 3X Shares	-82.13	-76.70	-69.51
S&P 500® Index	38.02	15.27	13.00
NYSE Semiconductor Index	49.58	25.62	23.41

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$857,809,148
Number of Holdings	12
Net Advisory Fee	$6,006,920
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-300%
Total (as % of net assets)	-300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Semiconductors & Semiconductor Equipment	100.0%

Top 10 Constituents of Index	(%)
NVIDIA Corp.	9.4%
Broadcom, Inc.	8.8%
Advanced Micro Devices, Inc.	8.2%
Texas Instruments, Inc.	6.3%
Qualcomm, Inc.	6.1%
Marvell Technology, Inc.	4.4%
Micron Technology, Inc.	4.4%
Taiwan Semiconductor Manufacturing Co. Ltd.	4.3%
Intel Corp.	4.1%
Analog Devices, Inc.	4.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Semiconductor Bear 3X Shares  PAGE 2  TSR-AR-25460G112

1000061642231472389919110010000105201099413593145911668118301261552233424599339501000010622135352087019093262073607257080398555480481972

	Direxion Daily Technology Bull 3X Shares
	TECL (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Technology Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Technology Bull 3X Shares	$122	0.83%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Technology Bull 3X Shares seeks to provide 300% of the daily return of the Technology Select Sector Index. The Technology Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the technology sector which includes domestic companies from the technology sector which includes the following industries: computers and peripherals; software; diversified telecommunications services; communications equipment; semiconductors and semi-conductor equipment; internet software and services; IT services; electronic equipment, instruments and components; wireless telecommunication services; and office electronics. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Technology Select Sector Index returned 36.68%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Technology Bull 3X Shares returned 93.90%, while the model indicated an expected return of 121.08%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Technology Bull 3X Shares  PAGE 1  TSR-AR-25459W102

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Technology Bull 3X Shares	93.90	35.27	38.36
S&P 500® Index	38.02	15.27	13.00
Technology Select Sector Index	36.68	22.89	20.26

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$3,083,013,112
Number of Holdings	81
Net Advisory Fee	$21,861,797
Portfolio Turnover	134%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	231%
Common Stocks	69%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Semiconductors & Semiconductor Equipment	35.3%
Software	33.9%
Technology Hardware, Storage & Peripherals	16.8%
IT Services	6.1%
Communications Equipment	4.7%
Electronic Equipment, Instruments & Components	3.2%

Top 10 Constituents of Index	(%)
Apple, Inc.	14.8%
NVIDIA Corp.	14.1%
Microsoft Corp.	13.0%
Broadcom, Inc.	4.5%
Salesforce, Inc.	3.2%
Oracle Corp.	3.0%
Advanced Micro Devices, Inc.	2.6%
Cisco Systems, Inc.	2.5%
Accenture PLC Class A ADR	2.4%
Adobe, Inc.	2.4%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Technology Bull 3X Shares  PAGE 2  TSR-AR-25459W102

100001178314460328863847256768788982205367990913257125705910000105201099413593145911668118301261552233424599339501000010981121851646918412225713035444678357054628063254

	Direxion Daily Technology Bear 3X Shares
	TECS (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Technology Bear 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Technology Bear 3X Shares	$62	0.91%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Technology Bear 3X Shares seeks to provide -300% of the daily return of the Technology Select Sector Index. The Technology Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the technology sector which includes domestic companies from the technology sector which includes the following industries: computers and peripherals; software; diversified telecommunications services; communications equipment; semiconductors and semi-conductor equipment; internet software and services; IT services; electronic equipment, instruments and components; wireless telecommunication services; and office electronics. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Technology Select Sector Index returned 36.68%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Technology Bear 3X Shares returned -63.99%, while the model indicated an expected return of -70.57%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Technology Bear 3X Shares  PAGE 1  TSR-AR-25461A494

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily Technology Bear 3X Shares	-63.99	-63.69	-56.42
S&P 500® Index	38.02	15.27	13.00
Technology Select Sector Index	36.68	22.89	20.26

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$101,355,214
Number of Holdings	12
Net Advisory Fee	$800,881
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-300%
Total (as % of net assets)	-300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Semiconductors & Semiconductor Equipment	35.3%
Software	33.9%
Technology Hardware, Storage & Peripherals	16.8%
IT Services	6.1%
Communications Equipment	4.7%
Electronic Equipment, Instruments & Components	3.2%

Top 10 Constituents of Index	(%)
Apple, Inc.	14.8%
NVIDIA Corp.	14.1%
Microsoft Corp.	13.0%
Broadcom, Inc.	4.5%
Salesforce, Inc.	3.2%
Oracle Corp.	3.0%
Advanced Micro Devices, Inc.	2.6%
Cisco Systems, Inc.	2.5%
Accenture PLC Class A ADR	2.4%
Adobe, Inc.	2.4%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Technology Bear 3X Shares  PAGE 2  TSR-AR-25461A494

100006187386714788963926115177210000105201099413593145911668118301261552233424599339501000010981121851646918412225713035444678357054628063254

	Direxion Daily Transportation Bull 3X Shares
	TPOR (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Transportation Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Transportation Bull 3X Shares	$129	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Transportation Bull 3X Shares seeks to provide 300% of the daily return of the S&P Transportation Select Industry FMC Capped Index. The S&P Transportation Select Industry FMC Capped Index is provided by S&P Dow Jones Indices and is designed to measure stocks in the S&P Total Market Index that are included in the Global Industry Classification Standard transportation sub-industry. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the S&P Transportation Select Industry FMC Capped Index returned 29.23%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Transportation Bull 3X Shares returned 71.31%, while the model indicated an expected return of 95.69%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily Transportation Bull 3X Shares  PAGE 1  TSR-AR-25460E679

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (05/03/2017)
Direxion Daily Transportation Bull 3X Shares	71.31	6.21	5.58
S&P 500® Index	38.02	15.27	14.26
S&P Transportation Select Industry FMC Capped Index	29.23	10.05	9.54

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$21,240,551
Number of Holdings	51
Net Advisory Fee	$166,144
Portfolio Turnover	53%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	225%
Common Stocks	75%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Ground Transportation	61.1%
Air Freight & Logistics	19.6%
Passenger Airlines	17.2%
Marine Transportation	2.1%

Top 10 Constituents of Index	(%)
Uber Technologies, Inc.	17.4%
Union Pacific Corp.	16.3%
United Parcel Service, Inc. Class B	8.6%
Delta Air Lines, Inc.	5.5%
Old Dominion Freight Line, Inc.	4.5%
United Continental Holdings, Inc.	4.4%
CSX Corp.	4.3%
Norfolk Southern Corp.	4.2%
FedEx Corp.	4.1%
Southwest Airlines Co.	3.1%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Transportation Bull 3X Shares  PAGE 2  TSR-AR-25460E679

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Transportation Bull 3X Shares  PAGE 3  TSR-AR-25460E679

117801190911115806721665988287711502610878116771335014647209321787419686271711065511485122721293118425146731532819808

	Direxion Daily Utilities Bull 3X Shares
	UTSL (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily Utilities Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily Utilities Bull 3X Shares	$151	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily Utilities Bull 3X Shares seeks to provide 300% of the daily return of the Utilities Select Sector Index. The Utilities Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the utilities sector which includes the following industries: electric utilities; multi-utilities; water utilities; independent power producers and energy trades; and gas utilities. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the Utilities Select Sector Index returned 38.59%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily Utilities Bull 3X Shares returned 116.98%, while the model indicated an expected return of 146.77%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (05/03/2017)
Direxion Daily Utilities Bull 3X Shares	116.98	-1.05	8.22
S&P 500® Index	38.02	15.27	14.26
Utilities Select Sector Index	38.59	7.94	9.63

Direxion Daily Utilities Bull 3X Shares  PAGE 1  TSR-AR-25460E711

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$55,279,905
Number of Holdings	39
Net Advisory Fee	$346,495
Portfolio Turnover	48%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	247%
Common Stocks	53%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Index Composition	(%)
Electric Utilities	65.5%
Multi-Utilities	26.0%
Independent Power and Renewable Electricity Producers	4.5%
Water Utilities	2.2%
Gas Utilities	1.8%

Top 10 Constituents of Index	(%)
NextEra Energy, Inc.	13.4%
Southern Co.	8.2%
Duke Energy Corp.	7.3%
Constellation Energy Corp.	6.7%
Sempra Energy	4.3%
American Electric Power Co., Inc.	4.3%
Dominion Energy, Inc.	4.1%
Public Service Enterprise Group, Inc.	3.7%
PG&E Corp.	3.5%
Vistra Corp.	3.5%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Utilities Bull 3X Shares  PAGE 2  TSR-AR-25460E711

12452113661906811750144191319483361808810878116771335014647209321787419686271711088310993136001368415146155821437919927

	Direxion Daily 7-10 Year Treasury Bull 3X Shares
	TYD (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily 7-10 Year Treasury Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily 7-10 Year Treasury Bull 3X Shares	$102	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily 7-10 Year Treasury Bull 3X Shares seeks to provide 300% of the daily return of the ICE U.S. Treasury 7-10 Year Bond Index. The ICE U.S. Treasury 7-10 Year Bond Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than seven years and less than or equal to ten years. Eligible securities must be fixed rate, denominated in U.S. dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the index are zero-coupon STRIPS, inflation linked securities, floating rate notes, cash management and Treasury bills, and any government agency debt issued with or without a government guarantee. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the ICE U.S. Treasury 7-10 Year Bond Index returned 9.38%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily 7-10 Year Treasury Bull 3X Shares returned 13.93%, while the model indicated an expected return of 28.04%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily 7-10 Year Treasury Bull 3X Shares  PAGE 1  TSR-AR-25459W565

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily 7-10 Year Treasury Bull 3X Shares	13.93	-11.64	-2.77
S&P 500® Index	38.02	15.27	13.00
ICE U.S. Treasury 7-10 Year Bond Index	9.38	-1.39	1.01

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$52,792,555
Number of Holdings	8
Net Advisory Fee	$384,544
Portfolio Turnover	42%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	241%
Investment Companies	59%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Top 10 Constituents of Index	(%)
U.S. 10 Year Treasury:
4.375%, 2034-05-15	9.0%
4.000%, 2034-02-15	8.7%
4.500%, 2033-11-15	8.7%
3.875%, 2034-08-15	8.6%
3.875%, 2033-08-15	7.7%
4.125%, 2032-11-15	7.3%
3.500%, 2033-02-15	6.9%
2.875%, 2032-05-15	6.9%
3.375%, 2033-05-15	6.9%
1.375%, 2031-11-15	6.8%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily 7-10 Year Treasury Bull 3X Shares  PAGE 2  TSR-AR-25459W565

10000109461219611269996814022169601481781636631755410000105201099413593145911668118301261552233424599339501000010390108741069210354118611286812381103611011411062

	Direxion Daily 7-10 Year Treasury Bear 3X Shares
	TYO (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily 7-10 Year Treasury Bear 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily 7-10 Year Treasury Bear 3X Shares	$90	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily 7-10 Year Treasury Bear 3X Shares seeks to provide -300% of the daily return of the ICE U.S. Treasury 7-10 Year Bond Index. The ICE U.S. Treasury 7-10 Year Bond Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than seven years and less than or equal to ten years. Eligible securities must be fixed rate, denominated in U.S. dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the index are zero-coupon STRIPS, inflation linked securities, floating rate notes, cash management and Treasury bills, and any government agency debt issued with or without a government guarantee. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the ICE U.S. Treasury 7-10 Year Bond Index returned 9.38%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily 7-10 Year Treasury Bear 3X Shares returned -10.51%, while the model indicated and an expected return of -25.49%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily 7-10 Year Treasury Bear 3X Shares  PAGE 1  TSR-AR-25459W557

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily 7-10 Year Treasury Bear 3X Shares	-10.51	7.60	-2.45
S&P 500® Index	38.02	15.27	13.00
ICE U.S. Treasury 7-10 Year Bond Index	9.38	-1.39	1.01

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$14,745,955
Number of Holdings	6
Net Advisory Fee	$114,324
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-300%
Total (as % of net assets)	-300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Top 10 Constituents of Index	(%)
U.S. 10 Year Treasury:
4.375%, 2034-05-15	9.0%
4.000%, 2034-02-15	8.7%
4.500%, 2033-11-15	8.7%
3.875%, 2034-08-15	8.6%
3.875%, 2033-08-15	7.7%
4.125%, 2032-11-15	7.3%
3.500%, 2033-02-15	6.9%
2.875%, 2032-05-15	6.9%
3.375%, 2033-05-15	6.9%
1.375%, 2031-11-15	6.8%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily 7-10 Year Treasury Bear 3X Shares  PAGE 2  TSR-AR-25459W557

10000830568667047782354104162447573018721780410000105201099413593145911668118301261552233424599339501000010390108741069210354118611286812381103611011411062

	Direxion Daily 20+ Year Treasury Bull 3X Shares
	TMF (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily 20+ Year Treasury Bull 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily 20+ Year Treasury Bull 3X Shares	$80	0.71%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily 20+ Year Treasury Bull 3X Shares seeks to provide 300% of the daily return of the ICE U.S. Treasury 20+ Year Bond Index. The ICE U.S. Treasury 20+ Year Bond Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than 20 years. Eligible securities must be fixed rate, denominated in U.S. dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the index are zero-coupon STRIPS, inflation linked securities, floating rate notes, cash management and Treasury bills, and any government agency debt issued with or without a government guarantee. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the ICE U.S. Treasury 20+ Year Bond Index returned 15.22%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily 20+ Year Treasury Bull 3X Shares returned 24.58%, while the model indicated an expected return of 43.17%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily 20+ Year Treasury Bull 3X Shares  PAGE 1  TSR-AR-25460G138

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily 20+ Year Treasury Bull 3X Shares	24.58	-29.19	-11.40
S&P 500® Index	38.02	15.27	13.00
ICE U.S. Treasury 20+ Year Bond Index	15.22	-5.78	0.02

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$6,061,473,832
Number of Holdings	10
Net Advisory Fee	$30,953,796
Portfolio Turnover	172%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	228%
Investment Companies	72%
Total (as % of net assets)	300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Top 10 Constituents of Index	(%)
U.S. 30 Year Treasury:
4.625%, 2054-05-15	5.0%
4.750%, 2053-11-15	4.9%
4.250%, 2054-08-15	4.7%
4.250%, 2054-02-15	4.7%
4.250%, 2053-08-15	4.2%
4.000%, 2052-11-15	3.7%
2.250%, 2051-05-15	3.5%
3.625%, 2053-05-15	3.5%
3.500%, 2053-02-15	3.4%
2.000%, 2051-08-15	3.1%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide 300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily 20+ Year Treasury Bull 3X Shares  PAGE 2  TSR-AR-25460G138

100001084713343115238865167522050116421412423932982100001052010994135931459116681183012615522334245993395010000105481155411263105281349215394145479652869310016

	Direxion Daily 20+ Year Treasury Bear 3X Shares
	TMV (Principal U.S. Listing Exchange: NYSE Arca, Inc.NYSEArca)
	Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about the Direxion Daily 20+ Year Treasury Bear 3X Shares for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Direxion Daily 20+ Year Treasury Bear 3X Shares	$73	0.86%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Direxion Daily 20+ Year Treasury Bear 3X Shares seeks to provide -300% of the daily return of the ICE U.S. Treasury 20+ Year Bond Index. The ICE U.S. Treasury 20+ Year Bond Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than 20 years. Eligible securities must be fixed rate, denominated in U.S. dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the index are zero-coupon STRIPS, inflation linked securities, floating rate notes, cash management and Treasury bills, and any government agency debt issued with or without a government guarantee. To determine if the Fund has met its daily investment goals, the Advisor, Rafferty Asset Management, LLC maintains models which indicate the expected performance of the Fund as compared to the underlying index. The models do not take into account the expense ratio, or any transaction or trading fees associated with creating or maintaining the Fund’s portfolio. Deviation from the model may be due to a combination of asset fluctuation, expenses, transaction costs, including swap contract related costs and underlying volatility. For the Annual Period, the ICE U.S. Treasury 20+ Year Bond Index returned 15.22%. Given the daily investment objectives of the ETF and the path dependency of returns for longer periods, the annual return of the index alone should not generate expectations of annual performance of the ETF. The Direxion Daily 20+ Year Treasury Bear 3X Shares returned -29.79%, while the model indicated an expected return of -42.75%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

Direxion Daily 20+ Year Treasury Bear 3X Shares  PAGE 1  TSR-AR-25460G849

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Direxion Daily 20+ Year Treasury Bear 3X Shares	-29.79	6.90	-8.96
S&P 500® Index	38.02	15.27	13.00
ICE U.S. Treasury 20+ Year Bond Index	15.22	-5.78	0.02

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not  be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of October 31, 2024)

Net Assets	$177,731,119
Number of Holdings	9
Net Advisory Fee	$1,689,565
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of October 31, 2024)

Market Exposure
Total Return Swap Contracts	-300%
Total (as % of net assets)	-300%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

Top 10 Constituents of Index	(%)
U.S. 30 Year Treasury:
4.625%, 2054-05-15	5.0%
4.750%, 2053-11-15	4.9%
4.250%, 2054-08-15	4.7%
4.250%, 2054-02-15	4.7%
4.250%, 2053-08-15	4.2%
4.000%, 2052-11-15	3.7%
2.250%, 2051-05-15	3.5%
3.625%, 2053-05-15	3.5%
3.500%, 2053-02-15	3.4%
2.000%, 2051-08-15	3.1%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual performance information, the Fund should not be expected to provide -300% of the return of the Index’s cumulative return for periods longer or shorter than a trading day.

The Fund is distributed by ALPS Distributors, Inc.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily 20+ Year Treasury Bear 3X Shares  PAGE 2  TSR-AR-25460G849

100007087482849135881280314671507418755723912100001052010994135931459116681183012615522334245993395010000105481155411263105281349215394145479652869310016

(b) Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

A copy of the registrant’s Code of Ethics is filed herewith.

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Kathleen M. Berkery is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant. The table presents aggregate fees billed to the registrant and reflected in the financial statements of the report to shareholders.

	FYE  10/31/2024	FYE  10/31/2023
(a) Audit Fees	$1,769,064	$1,534,000
(b) Audit-Related Fees	$0	$0
(c) Tax Fees	$631,446	$585,997
(d) All Other Fees	$0	$0

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Ernst & Young LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	FYE  10/31/2024	FYE  10/31/2023
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

Non-Audit Related Fees	FYE  10/31/2024	FYE  10/31/2023
Registrant	None	None
Registrant’s Investment Adviser	None	None

(h) Because no non-audit services were rendered, the audit committee of the board of trustees did not consider whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence, and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7(a) of this Form.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

(a) The registrant’s Financial Statements are filed herewith.

 

Table of Contents

			Page
Schedules of Investments			1
Statements of Assets and Liabilities			23
Statements of Operations			24
Statements of Changes in Net Assets			25
Financial Highlights			27
Notes to the Financial Statements			28
Report of Independent Registered Public Accounting Firm			42
Basis for Approval of Investment Advisory Agreement (Unaudited)			44
Supplemental Information (Unaudited)			51

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 97.7%
			Money Market Funds — 97.7%
265,689,757			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$265,689,757
			TOTAL SHORT TERM INVESTMENTS (Cost $265,689,757)			$265,689,757
			TOTAL INVESTMENTS (Cost $265,689,757) — 97.7%			$265,689,757
			Other Assets in Excess of Liabilities — 2.3%(b)			6,145,463
			TOTAL NET ASSETS — 100.0%			$271,835,220

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
$4,685,809 of cash is pledged as collateral for futures contracts.

Long Futures Contracts

October 31, 2024

Reference Entity			Expiration Date			Number of Contracts			Notional Amount			Variation Margin Receivable/(Payable), net			Unrealized Appreciation
Gold			2/26/2025			173			$47,990,200			$(889,240)			$1,774,280
Silver			12/27/2024			114			18,693,720			(722,635)			1,585,718
Sugar #11			6/30/2025			992			22,298,573			453,174			161,474
									$88,982,493			$(1,158,701)			$3,521,472

All futures contracts held by Direxion BCS Fund Ltd. See Note 1.

The accompanying notes are an integral part of these financial statements.

1

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 80.0%
			Accommodation — 0.4%
2,837			Airbnb, Inc. Class A(a)			$382,399
1,589			Hilton Worldwide Holdings, Inc.			373,177
4,529			Host Hotels & Resorts, Inc.			78,080
2,279			Las Vegas Sands Corp.			118,166
1,507			Marriott International, Inc. Class A			391,850
1,489			MGM Resorts International(a)			54,900
603			Wynn Resorts Ltd.			57,900
						1,456,472
			Administrative and Support Services — 2.3%
562			Allegion PLC ADR (Ireland)			78,472
9,320			Amcor PLC ADR (United Kingdom)			103,732
807			Amentum Holdings, Inc.(a)			24,000
633			Ameriprise Financial, Inc.			323,020
2,629			Automatic Data Processing, Inc.			760,412
216			Booking Holdings, Inc.			1,010,070
752			Broadridge Financial Solutions, Inc.			158,567
447			Corpay, Inc.(a)			147,385
798			Equifax, Inc.			211,486
246			FactSet Research System, Inc.			111,699
496			Gartner, Inc.(a)			249,240
1,891			Iron Mountain, Inc.			233,973
1,009			Live Nation Entertainment, Inc.(a)			118,194
1,663			Match Group, Inc.(a)			59,918
1,009			Moody’s Corp.			458,126
1,812			Rollins, Inc.			85,418
1,526			Royal Caribbean Cruises Ltd. ADR (Liberia)			314,890
13,547			Uber Technologies, Inc.(a)			976,061
10,770			Visa, Inc. Class A			3,121,684
2,354			Waste Management, Inc.			508,111
						9,054,458
			Air Transportation — 0.1%
4,134			Delta Air Lines, Inc.			236,548
3,864			Southwest Airlines Co.(b)			118,161
2,121			United Continental Holdings, Inc.(a)			165,989
						520,698
			Ambulatory Health Care Services — 0.1%
298			DaVita, Inc.(a)			41,664
541			Labcorp Holdings, Inc.			123,494
378			Molina Healthcare, Inc.(a)			121,421
718			Quest Diagnostics, Inc.			111,168
7,695			Viatris, Inc.			89,262
						487,009
			Amusement, Gambling, and Recreation Industries — 0.3%
11,695			The Walt Disney Co.			1,125,059

The accompanying notes are an integral part of these financial statements.

2

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Apparel Manufacturing — 0.2%
2,209			Cintas Corp.			$454,634
983			Deckers Outdoor Corp.(a)			158,155
259			Ralph Lauren Corp.			51,264
						664,053
			Beverage and Tobacco Product Manufacturing — 1.1%
11,002			Altria Group, Inc.			599,169
1,010			Constellation Brands, Inc. Class A			234,663
7,259			Keurig Dr Pepper, Inc.			239,184
1,133			Molson Coors Brewing Co. Class B			61,715
4,547			Monster Beverage Corp.(a)			239,536
8,857			PepsiCo, Inc.			1,470,971
10,026			Philip Morris International, Inc.			1,330,450
						4,175,688
			Broadcasting and Content Providers — 0.4%
625			Charter Communications, Inc.(a)(b)			204,756
24,910			Comcast Corp. Class A			1,087,820
1,448			FOX Corp. Class A			60,816
850			FOX Corp. Class B			33,116
3,835			Paramount Global Class B			41,955
14,388			Warner Bros Discovery, Inc.(a)			116,974
						1,545,437
			Building Material and Garden Equipment and Supplies Dealers — 1.0%
3,674			Lowe’s Companies, Inc.			961,963
340			Snap-on, Inc.			112,244
6,394			The Home Depot, Inc.			2,517,638
696			Tractor Supply Co.			184,795
						3,776,640
			Chemical Manufacturing — 5.6%
11,390			AbbVie, Inc.			2,322,079
1,434			Air Products & Chemicals, Inc.			445,300
759			Albemarle Corp.(b)			71,900
3,465			Amgen, Inc.			1,109,354
939			Biogen, Inc.(a)			163,386
1,016			Bio-Techne Corp.			74,930
13,074			Bristol-Myers Squibb Co.			729,137
1,167			Catalent, Inc.(a)			68,386
705			Celanese Corp.			88,809
1,164			CF Industries Holdings, Inc.			95,716
1,579			Church & Dwight Co., Inc.			157,758
799			Clorox Co.			126,681
5,269			Colgate-Palmolive Co.			493,758
2,692			DuPont de Nemours, Inc.			223,409
754			Eastman Chemical Co.			79,238
1,633			Ecolab, Inc.			401,277

The accompanying notes are an integral part of these financial statements.

3

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Chemical Manufacturing — (Continued)
5,087			Eli Lilly & Co.			$4,220,887
805			FMC Corp.			52,317
8,028			Gilead Sciences, Inc.			713,047
1,031			Incyte Corp.(a)			76,418
3,702			IntercontinentalExchange, Inc.			577,031
1,648			International Flavors & Fragrances, Inc.			163,861
12,349			Kenvue, Inc.			283,163
2,171			Kimberly-Clark Corp.			291,305
3,100			Linde PLC ADR (Ireland)			1,414,065
1,677			LyondellBasell Industries N.V. Class A ADR (Netherlands)			145,647
16,344			Merck & Co., Inc.			1,672,318
2,055			Mosaic Co.			54,992
36,540			Pfizer, Inc.			1,034,082
1,504			PPG Industries, Inc.			187,263
15,179			Procter & Gamble Co.			2,507,267
685			Regeneron Pharmaceuticals, Inc.(a)			574,167
1,665			Vertex Pharmaceuticals, Inc.(a)			792,507
2,921			Zoetis, Inc.			522,216
						21,933,671
			Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 0.3%
742			Lululemon Athletica, Inc.(a)			221,042
2,151			Ross Stores, Inc.			300,538
7,288			TJX Companies, Inc.			823,762
						1,345,342
			Computer and Electronic Product Manufacturing — 20.9%
10,437			Advanced Micro Devices, Inc.(a)			1,503,659
1,881			Agilent Technologies, Inc.			245,113
37,779			Alphabet, Inc.			6,464,365
30,970			Alphabet, Inc. Class C			5,348,209
1,493			AMETEK, Inc.			273,727
7,766			Amphenol Corp. Class A			520,477
3,200			Analog Devices, Inc.			713,952
98,036			Apple, Inc.			22,147,313
1,661			Arista Networks, Inc.(a)			641,877
30,015			Broadcom, Inc.			5,095,647
25,978			Cisco Systems, Inc.			1,422,815
4,144			Danaher Corp.			1,018,015
1,854			Dell Technologies, Inc.			229,210
874			Enphase Energy, Inc.(a)			72,577
691			First Solar, Inc.(a)			134,386
4,094			Fortinet, Inc.(a)			322,034
2,259			Fortive Corp.			161,360
2,945			GE HealthCare Technologies, Inc.			257,246
1,497			Hologic, Inc.(a)			121,062
6,309			HP, Inc.			224,096

The accompanying notes are an integral part of these financial statements.

4

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Computer and Electronic Product Manufacturing — (Continued)
27,514			Intel Corp.			$592,101
5,939			International Business Machines Corp.			1,227,710
732			Jabil Circuit, Inc.			90,102
1,126			Keysight Technologies, Inc.(a)			167,785
1,223			L3Harris Technologies, Inc.			302,656
8,407			Lam Research Corp.			625,060
3,460			Microchip Technology, Inc.			253,860
7,150			Micron Technology, Inc.			712,497
314			Monolithic Power Systems, Inc.			238,420
1,075			Motorola Solutions, Inc.			483,051
1,325			NetApp, Inc.			152,786
886			Northrop Grumman Corp.			450,992
158,622			NVIDIA Corp.			21,058,657
1,642			NXP Semiconductors NV ADR (Netherlands)			385,049
2,761			ON Semiconductor Corp.(a)			194,623
2,583			Otis Worldwide Corp.			253,651
2,088			Palto Alto Networks, Inc.(a)			752,369
795			PerkinElmer, Inc.			94,279
612			Qorvo, Inc.(a)			43,611
7,183			Qualcomm, Inc.			1,169,177
692			Roper Technologies, Inc.			372,109
8,577			RTX Corp.			1,037,731
1,354			Seagate Technology Holdings PLC ADR (Ireland)			135,901
1,030			Skyworks Solutions, Inc.			90,207
3,247			Super Micro Computer, Inc.(a)			94,520
302			Teledyne Technologies, Inc.(a)			137,507
1,052			Teradyne, Inc.			111,733
5,887			Texas Instruments, Inc.			1,196,003
2,464			Thermo Fisher Scientific, Inc.			1,346,132
1,575			Trimble, Inc.(a)			95,287
1,593			Veralto Corp.			162,789
383			Waters Corp.(a)			123,751
2,105			Western Digital Corp.(a)			137,478
332			Zebra Technologies Corp. Class A(a)			126,814
						81,333,538
			Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 0.2%
3,711			Fiserv, Inc.(a)			734,407
			Construction of Buildings — 0.2%
1,891			D.R. Horton, Inc.			319,579
1,559			Lennar Corp. Class A			265,498
20			NVR, Inc.(a)			183,056
1,338			PulteGroup, Inc.			173,311
						941,444

The accompanying notes are an integral part of these financial statements.

5

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Couriers and Messengers — 0.3%
1,452			FedEx Corp.			$397,630
4,723			United Parcel Service, Inc. Class B			633,166
						1,030,796
			Credit Intermediation and Related Activities — 4.1%
3,621			American Express Co.			977,960
43,530			Bank of America Corp.			1,820,425
4,759			Bank of New York Mellon Corp.			358,638
2,463			Capital One Financial Corp.			400,952
12,301			Citigroup, Inc.			789,355
2,891			Citizens Financial Group, Inc.			121,769
1,619			Discover Financial Services			240,308
3,517			Fidelity National Information Services, Inc.			315,580
4,364			Fifth Third Bancorp			190,619
1,641			Global Payments, Inc.			170,188
9,365			Huntington Bancshares, Inc.			146,000
18,346			JPMorgan Chase & Co.			4,071,344
5,985			KeyCorp			103,241
1,076			M&T Bank Corp.			209,476
5,320			MasterCard, Inc. Class A			2,657,819
1,301			Northern Trust Corp.			130,777
2,563			PNC Financial Services Group, Inc.			482,536
5,900			Regions Financial Corp.			140,833
1,925			State Street Corp.			178,640
2,549			Synchrony Financial			140,552
8,635			Truist Financial Corp.			371,737
10,062			U.S. Bancorp			486,095
21,947			Wells Fargo & Co.			1,424,799
						15,929,643
			Electrical Equipment, Appliance, and Component Manufacturing — 0.2%
774			A.O. Smith Corp.			58,127
463			Axon Enterprise, Inc.(a)			196,081
3,693			Emerson Electric Co.			399,841
388			Generac Holdings, Inc.(a)			64,233
732			Rockwell Automation, Inc.			195,232
						913,514
			Fabricated Metal Product Manufacturing — 0.1%
1,957			Ball Corp.			115,952
1,530			Nucor Corp.			217,015
1,067			Pentair PLC ADR (Ireland)			105,761
992			Stanley Black & Decker, Inc.			92,197
						530,925
			Food and Beverage Retailers — 0.1%
4,282			Kroger Co.			238,807

The accompanying notes are an integral part of these financial statements.

6

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Food Manufacturing — 0.9%
3,083			Archer-Daniels-Midland Co.			$170,212
1,270			Campbell Soup Co.			59,246
25,011			Coca-Cola Co.			1,633,468
3,589			General Mills, Inc.			244,124
1,873			Hormel Foods Corp.			57,220
1,730			Kellanova			139,525
926			Lamb Weston Holdings, Inc.			71,941
1,625			McCormick & Co, Inc.			127,140
8,614			Mondelez International, Inc.			589,887
952			The Hershey Co.			169,056
686			The J.M. Smucker Co.			77,868
5,692			The Kraft Heinz Co.			190,454
1,842			Tyson Foods, Inc. Class A			107,923
						3,638,064
			Food Services and Drinking Places — 0.8%
8,830			Chipotle Mexican Grill, Inc.(a)			492,449
765			Darden Restaurants, Inc.			122,415
4,625			McDonald’s Corp.			1,351,009
7,307			Starbucks Corp.			713,894
1,813			Yum! Brands, Inc.			237,793
						2,917,560
			Funds, Trusts, and Other Financial Vehicles — 0.1%
991			Garmin Ltd. ADR (Switzerland)			196,565
1,435			T. Rowe Price Group, Inc.			157,649
						354,214
			Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.0%(†)
1,266			Best Buy Co., Inc.			114,484
			Gasoline Stations and Fuel Dealers — 0.4%
10,967			Chevron Corp.			1,632,109
			General Merchandise Retailers — 4.3%
60,232			Amazon.com, Inc.(a)			11,227,245
2,859			Costco Wholesale Corp.			2,499,281
1,417			Dollar General Corp.			113,417
1,303			Dollar Tree, Inc.(a)			84,226
3,153			eBay, Inc.			181,329
2,983			Target Corp.			447,569
28,008			Walmart, Inc.			2,295,255
						16,848,322
			Health and Personal Care Retailers — 0.2%
8,111			CVS Health Corp.			457,947
307			Ulta Beauty, Inc.(a)			113,277
4,619			Walgreens Boots Alliance, Inc.(b)			43,696
						614,920

The accompanying notes are an integral part of these financial statements.

7

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Hospitals — 0.1%
1,198			HCA Healthcare, Inc.			$429,770
383			Universal Health Services, Inc. Class B			78,251
						508,021
			Insurance Carriers and Related Activities — 4.2%
3,249			Aflac, Inc.			340,463
1,702			Allstate Corp.			317,457
4,152			American International Group, Inc.			315,054
2,414			Arch Capital Group Ltd. ADR(a)			237,924
1,413			Arthur J. Gallagher & Co.			397,335
334			Assurant, Inc.			64,028
11,812			Berkshire Hathaway, Inc. Class B(a)			5,326,267
1,526			Brown & Brown, Inc.			159,681
3,392			Centene Corp.(a)			211,186
2,421			Chubb Limited ADR (Switzerland)			683,787
1,802			Cigna Corp.			567,288
1,008			Cincinnati Financial Corp.			141,957
1,495			Elevance Health, Inc.			606,611
161			Erie Indemnity Co. Class A			72,263
279			Everest Re Group Ltd. ADR			99,215
579			Globe Life, Inc.			61,142
1,889			Hartford Financial Services Group, Inc.			208,621
777			Humana, Inc.			200,334
1,175			Loews Corp.			92,778
3,170			Marsh & McLennan Companies, Inc.			691,821
3,793			MetLife, Inc.			297,447
1,373			Principal Financial Group, Inc.			113,135
3,777			Progressive Corp.			917,169
2,302			Prudential Financial, Inc.			281,949
1,470			Travelers Companies, Inc.			361,532
5,954			UnitedHealth Group, Inc.			3,361,033
1,938			W.R. Berkley Corp.			110,795
654			Willis Towers Watson PLC ADR (Ireland)			197,632
						16,435,904
			Leather and Allied Product Manufacturing — 0.2%
7,748			NIKE, Inc. Class B			597,603
1,484			Tapestry, Inc.			70,416
						668,019
			Machinery Manufacturing — 1.8%
5,338			Applied Materials, Inc.			969,274
6,406			Baker Hughes Co.			243,941
5,413			Carrier Global Corp.			393,633
3,127			Caterpillar, Inc.			1,176,377
884			Cummins, Inc.			290,818
1,653			Deere & Co.			668,953

The accompanying notes are an integral part of these financial statements.

8

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Machinery Manufacturing — (Continued)
6,992			General Electric Co.			$1,201,086
488			IDEX Corp.			104,744
2,602			Ingersoll Rand, Inc.			249,792
137			Mettler-Toledo International, Inc.(a)			176,970
351			Nordson Corp.			87,009
829			Parker Hannifin Corp.			525,644
1,455			Trane Technologies PLC ADR (Ireland)			538,583
1,567			Xylem, Inc.			190,829
						6,817,653
			Management of Companies and Enterprises — 0.5%
11,219			Abbott Laboratories			1,271,898
1,401			Aon PLC ADR (United Kingdom)			513,985
913			Bunge Global SA ADR (Switzerland)			76,710
2,834			Norwegian Cruise Line Holdings Ltd. ADR(a)			71,814
3,182			Smurfit WestRock PLC ADR (Ireland)			163,873
						2,098,280
			Merchant Wholesalers, Durable Goods — 0.7%
751			Builders FirstSource, Inc.(a)			128,721
5,647			Copart, Inc.(a)			290,651
3,692			Fastenal Co.			288,641
899			Genuine Parts Co.			103,115
817			Henry Schein, Inc.(a)			57,378
346			Hubbell, Inc.			147,752
253			Huntington Ingalls Industries, Inc.			46,795
4,308			Johnson Controls International PLC ADR (Ireland)			325,469
867			KLA-Tencor Corp.			577,622
1,697			LKQ Corp.			62,433
338			Mohawk Industries, Inc.(a)			45,383
247			Pool Corp.			89,325
1,959			TE Connectivity PLC ADR (Ireland)			288,796
287			W.W. Grainger, Inc.			318,349
						2,770,430
			Merchant Wholesalers, Nondurable Goods — 0.6%
1,182			Brown Forman Corp. Class B			52,043
1,573			Cardinal Health, Inc.			170,702
1,125			Cencora, Inc.			256,590
3,089			ConAgra Brands, Inc.			89,396
226			Domino’s Pizza, Inc.			93,503
1,742			Illinois Tool Works, Inc.			454,888
837			McKesson Corp.			418,994
3,170			Sysco Corp.			237,592
1,496			The Sherwin Williams Co.			536,720
						2,310,428

The accompanying notes are an integral part of these financial statements.

9

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Mining (except Oil and Gas) — 0.3%
9,265			Freeport-McMoRan Copper & Gold, Inc.			$417,110
394			Martin Marietta Materials, Inc.			233,382
7,399			Newmont Corp.			336,211
851			Vulcan Materials Co.			233,114
						1,219,817
			Miscellaneous Manufacturing — 2.3%
3,542			3M Co.			455,041
453			Align Technology, Inc.(a)			92,879
3,289			Baxter International, Inc.			117,417
1,864			Becton, Dickinson & Co.			435,412
9,496			Boston Scientific Corp.(a)			797,854
2,584			DexCom, Inc.(a)			182,120
886			Dover Corp.			167,746
3,884			Edwards Lifesciences Corp.(a)			260,267
1,502			Estee Lauder Companies, Inc. Class A			103,548
845			Hasbro, Inc.			55,457
452			Insulet Corp.(a)			104,652
2,287			Intuitive Surgical, Inc.(a)			1,152,282
15,521			Johnson & Johnson			2,481,187
8,270			Medtronic PLC ADR (Ireland)			738,097
947			ResMed, Inc.			229,619
891			Solventum Corp.(a)			64,669
636			Steris PLC ADR (Ireland)			141,097
2,211			Stryker Corp.			787,735
304			Teleflex, Inc.			61,122
1,209			Textron, Inc.			97,228
1,284			The Cooper Companys, Inc.(a)			134,409
1,313			Zimmer Biomet Holdings, Inc.			140,386
						8,800,224
			Motion Picture and Sound Recording Industries — 0.5%
2,767			Netflix, Inc.(a)			2,091,935
			Motor Vehicle and Parts Dealers — 0.2%
110			AutoZone, Inc.(a)			330,990
1,006			CarMax, Inc.(a)			72,814
375			O’Reilly Automotive, Inc.(a)			432,428
						836,232
			National Security and International Affairs — 0.0%(†)
868			Leidos Holdings, Inc.			158,983
			Nonmetallic Mineral Product Manufacturing — 0.1%
4,966			Corning, Inc.			236,332

The accompanying notes are an integral part of these financial statements.

10

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Oil and Gas Extraction — 1.3%
2,384			APA Corp.			$56,262
4,767			Coterra Energy, Inc.			114,027
4,038			Devon Energy Corp.			156,190
1,209			Diamondback Energy, Inc.			213,715
5,409			Dominion Energy, Inc.			321,998
3,666			EOG Resources, Inc.			447,105
3,831			EQT Corp.			139,985
28,647			Exxon Mobil Corp.			3,345,397
3,607			Marathon Oil Corp.			99,914
4,342			Occidental Petroleum Corp.			217,577
						5,112,170
			Paper Manufacturing — 0.0%(†)
575			Packaging Corp of America			131,640
			Performing Arts, Spectator Sports, and Related Industries — 0.1%
1,395			Caesars Entertainment, Inc.(a)			55,870
1,550			Electronic Arts, Inc.			233,817
						289,687
			Petroleum and Coal Products Manufacturing — 0.4%
7,488			ConocoPhillips			820,236
2,158			Marathon Petroleum Corp.			313,924
2,699			Phillips 66			328,792
2,066			Valero Energy Corp.			268,084
						1,731,036
			Pipeline Transportation — 0.2%
1,412			Targa Resources Corp.			235,748
7,860			Williams Companies, Inc.			411,628
						647,376
			Plastics and Rubber Products Manufacturing — 0.1%
519			Avery Dennison Corp.			107,449
467			West Pharmaceutical Services, Inc.			143,803
						251,252
			Primary Metal Manufacturing — 0.1%
2,632			Howmet Aerospace, Inc.			262,463
925			Steel Dynamics, Inc.			120,713
						383,176
			Professional, Scientific, and Technical Services — 4.4%
4,039			Accenture PLC Class A ADR (Ireland)			1,392,728
862			CDW Corp.			162,254
333			Charles River Laboratories International, Inc.(a)			59,467
3,196			Cognizant Technology Solutions Corp. Class A			238,390
2,568			Eaton Corporation PLC ADR (Ireland)			851,497
368			EPAM Systems, Inc.(a)			69,423
1,367			Extra Space Storage, Inc.			223,231

The accompanying notes are an integral part of these financial statements.

11

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Professional, Scientific, and Technical Services — (Continued)
376			F5 Networks, Inc.(a)			$87,939
909			GoDaddy, Inc.(a)			151,621
531			IDEXX Laboratories, Inc.(a)			216,075
2,240			International Paper Co.			124,410
2,421			Interpublic Group of Companies, Inc.			71,177
1,118			IQVIA Holdings, Inc.(a)			230,107
470			Jack Henry & Associates, Inc.			85,507
807			Jacobs Solutions, Inc.			113,448
2,123			Juniper Networks, Inc.			82,585
14,087			Meta Platforms, Inc.			7,995,500
2,181			Moderna, Inc.(a)			118,559
1,262			Omnicom Group, Inc.			127,462
10,306			Oracle Corp.			1,729,759
12,985			Palantir Technologies, Inc.(a)(b)			539,657
2,067			Paychex, Inc.			287,995
314			Paycom Software, Inc.			65,635
775			PTC, Inc.(a)			143,631
1,328			ServiceNow, Inc.(a)			1,239,011
1,050			Take-Two Interactive Software, Inc.(a)			169,806
541			VeriSign, Inc.(a)			95,670
918			Verisk Analytics, Inc. Class A			252,193
						16,924,737
			Publishing Industries — 6.9%
2,859			Adobe, Inc.(a)			1,366,831
977			Akamai Technologies, Inc.(a)			98,755
563			Ansys, Inc.(a)			180,391
1,389			Autodesk, Inc.(a)			394,198
1,765			Cadence Design Systems, Inc.(a)			487,352
1,489			CrowdStrike Holdings, Inc.(a)			442,039
1,020			Dayforce, Inc.(a)			72,369
158			Fair Isaac Corp.(a)			314,911
3,493			Gen Digital, Inc.			101,681
8,380			Hewlett Packard Enterprise Co.			163,326
1,802			Intuit, Inc.			1,099,761
47,929			Microsoft Corp.			19,475,949
2,439			News Corp. Class A			66,463
724			News Corp. Class B			21,025
6,248			Salesforce, Inc.			1,820,480
988			Synopsys, Inc.(a)			507,447
276			Tyler Technologies, Inc.(a)			167,143
						26,780,121
			Rail Transportation — 0.3%
12,500			CSX Corp.			420,500
3,928			Union Pacific Corp.			911,571
						1,332,071

The accompanying notes are an integral part of these financial statements.

12

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Real Estate — 1.5%
1,003			Alexandria Real Estate Equities, Inc.			$111,885
3,011			American Tower Corp.			642,969
916			AvalonBay Communities, Inc.			202,995
937			BXP, Inc.			75,485
688			Camden Property Trust			79,663
1,942			CBRE Group, Inc. Class A(a)			254,344
2,802			Crown Castle, Inc.			301,187
1,985			Digital Realty Trust, Inc.			353,787
2,200			Equity Residential			154,814
414			Essex Property Trust, Inc.			117,518
485			Federal Realty Investment Trust			53,757
4,538			Healthpeak Properties, Inc.			101,878
3,673			Invitation Homes, Inc.			115,369
4,347			Kimco Realty Corp.			103,111
754			Mid-America Apartment Communities, Inc.			114,110
5,971			Prologis, Inc.			674,365
1,015			Public Storage			333,996
5,616			Realty Income Corp.			333,422
1,053			Regency Centers Corp.			75,226
1,976			Simon Property Group, Inc.			334,181
1,935			UDR, Inc.			81,638
2,664			Ventas, Inc.			174,465
6,752			VICI Properties, Inc.			214,444
3,731			Welltower, Inc.			503,237
4,690			Weyerhaeuser Co.			146,140
						5,653,986
			Rental and Leasing Services — 0.1%
430			United Rentals, Inc.			349,504
			Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 2.0%
898			Blackrock, Inc.			880,965
675			Cboe Global Markets, Inc.			144,160
9,632			Charles Schwab Corp.			682,235
2,322			CME Group, Inc.			523,286
4,519			Dow, Inc.			223,148
1,990			Franklin Resources, Inc.			41,332
2,037			Goldman Sachs Group, Inc.			1,054,738
2,902			Invesco Ltd. ADR(a)			50,321
4,349			KKR & Co., Inc.			601,206
244			MarketAxess Holdings, Inc.			70,618
8,032			Morgan Stanley			933,720
507			MSCI, Inc. Class A			289,598
2,668			NASDAQ OMX Group, Inc.			197,219
1,196			Raymond James Financial, Inc.			177,271

The accompanying notes are an integral part of these financial statements.

13

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Securities, Commodity Contracts, and Other Financial Investments and Related Activities — (Continued)
2,065			S&P Global, Inc.			$991,943
4,644			The Blackstone Group, Inc.			779,031
						7,640,791
			Specialty Trade Contractors — 0.1%
950			Quanta Services, Inc.			286,549
			Support Activities for Agriculture and Forestry — 0.1%
4,463			Corteva, Inc.			271,886
			Support Activities for Mining — 0.2%
5,692			Halliburton Co.			157,896
1,782			Hess Corp.			239,643
9,157			Schlumberger Ltd. ADR (Curaco)(a)			366,921
						764,460
			Support Activities for Transportation — 0.2%
757			C.H. Robinson Worldwide, Inc.			78,001
804			Expedia, Inc.(a)			125,673
910			Expeditors International of Washington, Inc.			108,290
520			J.B. Hunt Transport Services, Inc.			93,923
1,458			Norfolk Southern Corp.			365,127
						771,014
			Telecommunications — 1.1%
46,234			AT&T, Inc.			1,042,114
611			Equinix, Inc.			554,837
6,592			PayPal Holdings, Inc.(a)			522,746
693			SBA Communications Corp.			159,023
3,160			T-Mobile US, Inc.			705,186
27,143			Verizon Communications, Inc.			1,143,534
						4,127,440
			Transportation Equipment Manufacturing — 2.3%
1,714			Aptiv PLC ADR (United Kingdom)(a)			97,407
4,712			Boeing Co.(a)			703,549
1,468			BorgWarner, Inc.			49,369
25,175			Ford Motor Co.			259,051
1,663			General Dynamics Corp.			484,947
7,247			General Motors Co.			367,858
4,200			Honeywell International, Inc.			863,856
1,367			Lockheed Martin Corp.			746,450
3,381			Paccar, Inc.			352,571
17,892			Tesla, Inc.(a)			4,470,316
362			TransDigm Group, Inc.			471,432
1,130			Wabtec Corp.			212,417
						9,079,223

The accompanying notes are an integral part of these financial statements.

14

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Truck Transportation — 0.1%
1,216			Old Dominion Freight Line, Inc.			$244,805
			Utilities — 2.2%
4,583			AES Corp.			75,574
1,654			Alliant Energy Corp.			99,240
1,721			Ameren Corp.			149,916
3,432			American Electric Power Co., Inc.			338,910
1,257			American Water Works Co., Inc.			173,604
1,001			Atmos Energy Corp.(b)			138,919
4,203			CenterPoint Energy, Inc.			124,115
1,926			CMS Energy Corp.			134,069
2,230			Consolidated Edison, Inc.			226,746
2,017			Constellation Energy Corp.			530,390
1,335			DTE Energy Co.			165,834
4,978			Duke Energy Corp.			573,814
2,490			Edison International			205,176
1,379			Entergy Corp.			213,442
1,483			Evergy, Inc.			89,633
2,305			Eversource Energy			151,784
6,448			Exelon Corp.			253,406
3,304			FirstEnergy Corp.			138,206
1,772			GE Vernova, Inc.(a)			534,542
12,451			Kinder Morgan, Inc.			305,174
13,248			NextEra Energy, Inc.			1,049,904
2,892			NiSource, Inc.			101,683
1,331			NRG Energy, Inc.			120,322
3,767			ONEOK, Inc.			364,947
13,782			PG&E Corp.			278,672
733			Pinnacle West Capital Corp.			64,365
4,757			PPL Corp.			154,888
3,212			Public Service Enterprise Group, Inc.			287,185
4,083			Sempra Energy			340,400
7,050			Southern Co.			641,761
2,215			Vistra Corp.			276,786
2,038			WEC Energy Group, Inc.			194,690
3,595			Xcel Energy, Inc.			240,182
						8,738,279
			Waste Management and Remediation Services — 0.1%
1,316			Republic Services, Inc.			260,568
			Water Transportation — 0.0%(†)
6,514			Carnival Corp. ADR (Panama)(a)			143,308

The accompanying notes are an integral part of these financial statements.

15

Direxion HCM Tactical Enhanced US ETF

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Web Search Portals, Libraries, Archives, and Other Information Services — 0.1%
2,642			CoStar Group, Inc.(a)			$192,311
			Wood Product Manufacturing — 0.0%(†)
1,407			Masco Corp.			112,433
			TOTAL COMMON STOCKS (Cost $250,124,951)			$311,029,355
			SHORT TERM INVESTMENTS — 23.4%
			Money Market Funds — 23.4%
17,337,738			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)			$17,337,738
8,890			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(c)			8,890
73,570,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(c)			73,570,000
			TOTAL SHORT TERM INVESTMENTS (Cost $90,916,628)			$90,916,628
			TOTAL INVESTMENTS (Cost $341,041,579) — 103.4%(d)			$401,945,983
			Liabilities in Excess of Other Assets — (3.4)%			(13,323,264)
			TOTAL NET ASSETS — 100.0%			$388,622,719

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(†)
Less than 0.05%.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $149,298,651.

ADR - American Depository Receipt

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of Invesco QQQ Trust Series 1

5.1700% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

1,000

$434,857

$(1,065,601)

Total return of Technology Select Sector SPDR Fund

5.2700% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

445,000

85,197,136

11,962,799

Total return of Invesco QQQ Trust Series 1

5.5200% representing 1 month SOFR rate + spread

Barclays

12/23/2024

646,000

306,301,328

4,672,502

$ 391,933,321

$15,569,700

The accompanying notes are an integral part of these financial statements.

16

Direxion NASDAQ-100^® Equal Weighted Index Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 99.9%
			Accommodation — 2.1%
97,628			Airbnb, Inc. Class A(a)			$13,159,278
52,416			Marriott International, Inc. Class A			13,629,208
						26,788,486
			Administrative and Support Services — 3.4%
46,349			Automatic Data Processing, Inc.			13,405,985
3,152			Booking Holdings, Inc.			14,739,540
128,210			Pinduoduo, Inc. ADR (China)(a)			15,460,844
						43,606,369
			Apparel Manufacturing — 1.0%
62,744			Cintas Corp.			12,913,343
			Beverage and Tobacco Product Manufacturing — 3.8%
157,958			Coca-Cola Europacific Partners ADR (United Kingdom)			12,004,808
341,917			Keurig Dr Pepper, Inc.			11,266,165
250,242			Monster Beverage Corp.(a)			13,182,749
74,827			PepsiCo, Inc.			12,427,268
						48,880,990
			Broadcasting and Content Providers — 3.1%
38,763			Charter Communications, Inc.(a)(b)			12,699,146
319,321			Comcast Corp. Class A			13,944,748
1,554,389			Warner Bros Discovery, Inc.(a)(b)			12,637,183
						39,281,077
			Chemical Manufacturing — 6.5%
37,954			Amgen, Inc.			12,151,353
163,419			AstraZeneca PLC ADR (United Kingdom)			11,627,262
64,248			Biogen, Inc.(a)			11,179,152
152,588			Gilead Sciences, Inc.			13,552,866
27,150			Linde PLC ADR (Ireland)			12,384,472
11,186			Regeneron Pharmaceuticals, Inc.(a)			9,376,105
27,549			Vertex Pharmaceuticals, Inc.(a)			13,112,773
						83,383,983
			Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 2.1%
48,773			Lululemon Athletica, Inc.(a)			14,529,477
82,994			Ross Stores, Inc.			11,595,921
						26,125,398
			Computer and Electronic Product Manufacturing — 22.8%
82,121			Advanced Micro Devices, Inc.(a)			11,831,172
39,135			Alphabet, Inc.			6,696,390
38,907			Alphabet, Inc. Class C			6,718,850
56,481			Analog Devices, Inc.			12,601,476
56,135			Apple, Inc.			12,681,458
74,859			Broadcom, Inc.			12,708,812
246,447			Cisco Systems, Inc.			13,497,902
166,827			Fortinet, Inc.(a)			13,122,612

The accompanying notes are an integral part of these financial statements.

17

Direxion NASDAQ-100^® Equal Weighted Index Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Computer and Electronic Product Manufacturing — (Continued)
141,883			GE HealthCare Technologies, Inc.			$12,393,480
324,998			GlobalFoundries, Inc. ADR(a)(b)			11,862,427
97,614			Illumina, Inc.(a)			14,070,082
586,445			Intel Corp.			12,620,296
165,692			Lam Research Corp.			12,319,200
166,322			Microchip Technology, Inc.			12,203,045
140,898			Micron Technology, Inc.			14,040,486
45,989			MongoDB, Inc.(a)			12,435,426
110,416			NVIDIA Corp.			14,658,828
55,247			NXP Semiconductors NV ADR (Netherlands)			12,955,422
184,109			ON Semiconductor Corp.(a)			12,977,843
37,650			Palto Alto Networks, Inc.(a)			13,566,424
75,815			Qualcomm, Inc.			12,340,408
22,952			Roper Technologies, Inc.			12,341,979
280,097			Super Micro Computer, Inc.(a)			8,153,624
63,010			Texas Instruments, Inc.			12,801,112
						291,598,754
			Food Manufacturing — 1.9%
172,428			Mondelez International, Inc.			11,807,869
366,362			The Kraft Heinz Co.			12,258,473
						24,066,342
			Food Services and Drinking Places — 2.1%
91,681			DoorDash, Inc.(a)			14,366,413
133,352			Starbucks Corp.			13,028,490
						27,394,903
			General Merchandise Retailers — 3.8%
66,848			Amazon.com, Inc.(a)			12,460,467
14,117			Costco Wholesale Corp.			12,340,799
178,551			Dollar Tree, Inc.(a)			11,541,537
6,083			MercadoLibre, Inc.(a)			12,392,166
						48,734,969
			Machinery Manufacturing — 2.9%
66,644			Applied Materials, Inc.			12,101,218
16,102			ASML Holding NV ADR (Netherlands)			10,829,400
355,389			Baker Hughes Co.			13,533,213
						36,463,831
			Management of Companies and Enterprises — 1.0%
92,200			ARM Holdings PLC ADR (United Kingdom)(a)(b)			13,027,860
			Merchant Wholesalers, Durable Goods — 3.0%
248,990			Copart, Inc.(a)			12,815,515
181,032			Fastenal Co.(b)			14,153,082
16,883			KLA-Tencor Corp.			11,247,961
						38,216,558

The accompanying notes are an integral part of these financial statements.

18

Direxion NASDAQ-100^® Equal Weighted Index Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Miscellaneous Manufacturing — 2.0%
181,858			DexCom, Inc.(a)			$12,817,352
26,347			Intuitive Surgical, Inc.(a)			13,274,672
						26,092,024
			Motion Picture and Sound Recording Industries — 1.1%
18,278			Netflix, Inc.(a)			13,818,716
			Motor Vehicle and Parts Dealers — 1.0%
11,543			O’Reilly Automotive, Inc.(a)			13,310,695
			Oil and Gas Extraction — 1.0%
70,771			Diamondback Energy, Inc.			12,510,190
			Performing Arts, Spectator Sports, and Related Industries — 1.1%
91,782			Electronic Arts, Inc.			13,845,315
			Professional, Scientific, and Technical Services — 13.0%
78,545			Atlassian Corp.(a)			14,808,874
56,844			CDW Corp.			10,699,746
169,323			Cognizant Technology Solutions Corp. Class A			12,629,803
25,273			IDEXX Laboratories, Inc.(a)			10,284,089
173,371			Marvell Technology, Inc.			13,888,751
22,827			Meta Platforms, Inc.			12,956,149
194,986			Moderna, Inc.(a)			10,599,439
96,112			Paychex, Inc.			13,391,285
86,084			Take-Two Interactive Software, Inc.(a)			13,921,504
116,966			The Trade Desk, Inc.(a)			14,060,483
48,370			Verisk Analytics, Inc. Class A			13,288,206
51,589			Workday, Inc.(a)			12,064,088
74,172			Zscaler, Inc.(a)			13,409,556
						166,001,973
			Publishing Industries — 9.0%
24,509			Adobe, Inc.(a)			11,717,263
39,983			Ansys, Inc.(a)			12,810,953
47,918			Autodesk, Inc.(a)			13,599,128
46,785			Cadence Design Systems, Inc.(a)			12,918,274
42,717			CrowdStrike Holdings, Inc.(a)			12,681,396
111,605			Datadog, Inc.(a)			13,999,731
19,853			Intuit, Inc.			12,116,286
29,436			Microsoft Corp.			11,961,319
25,277			Synopsys, Inc.(a)			12,982,520
						114,786,870
			Rail Transportation — 1.0%
366,672			CSX Corp.			12,334,846

The accompanying notes are an integral part of these financial statements.

19

Direxion NASDAQ-100^® Equal Weighted Index Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Telecommunications — 2.2%
166,867			PayPal Holdings, Inc.(a)			$13,232,553
64,224			T-Mobile US, Inc.			14,332,228
						27,564,781
			Transportation Equipment Manufacturing — 3.1%
62,996			Honeywell International, Inc.			12,957,017
129,482			Paccar, Inc.			13,502,383
53,749			Tesla, Inc.(a)			13,429,188
						39,888,588
			Truck Transportation — 1.0%
66,026			Old Dominion Freight Line, Inc.			13,292,354
			Utilities — 4.0%
125,382			American Electric Power Co., Inc.			12,381,472
50,230			Constellation Energy Corp.			13,208,481
318,061			Exelon Corp.			12,499,797
199,716			Xcel Energy, Inc.			13,343,026
						51,432,776
			Web Search Portals, Libraries, Archives, and Other Information Services — 0.9%
165,542			CoStar Group, Inc.(a)			12,049,803
			TOTAL COMMON STOCKS (Cost $1,301,480,493)			$1,277,411,794
			SHORT TERM INVESTMENTS — 0.9%
			Money Market Funds — 0.9%
11,339,156			Dreyfus Government Cash Management Institutional Shares, 4.76% (c)(d)			$11,339,156
			TOTAL SHORT TERM INVESTMENTS (Cost $11,339,156)			$11,339,156
			TOTAL INVESTMENTS (Cost $1,312,819,649) — 100.8%			$1,288,750,950
			Liabilities in Excess of Other Assets — (0.8)%			(10,568,548)
			TOTAL NET ASSETS — 100.0%			$1,278,182,402

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

20

Direxion Work From Home ETF

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 99.7%
			Administrative and Support Services — 5.2%
7,044			Cloudflare, Inc.(a)			$617,829
23,782			SentinelOne, Inc.(a)			613,338
						1,231,167
			Computer and Electronic Product Manufacturing — 18.9%
3,513			Alphabet, Inc.			601,109
3,566			Broadcom, Inc.			605,400
11,059			Cisco Systems, Inc.			605,701
7,150			Fortinet, Inc.(a)			562,419
2,693			International Business Machines Corp.			556,697
4,615			NetApp, Inc.			532,156
1,588			Palto Alto Networks, Inc.(a)			572,204
50,562			Xerox Corp.			413,092
						4,448,778
			Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 2.9%
18,855			RingCentral, Inc.(a)			678,969
			Food Services and Drinking Places — 2.3%
16,033			JOYY, Inc. ADR(a)			545,924
			General Merchandise Retailers — 2.5%
3,171			Amazon.com, Inc.(a)			591,074
			Merchant Wholesalers, Durable Goods — 2.3%
4,760			SYNNEX Corp.			549,066
			Professional, Scientific, and Technical Services — 31.0%
3,386			Atlassian Corp.(a)			638,397
15,318			DigitalOcean Holdings, Inc.(a)			606,287
88,647			Hello Group, Inc. ADR			626,734
7,755			Marvell Technology, Inc.			621,253
1,072			Meta Platforms, Inc.			608,446
26,386			NetScout Systems, Inc.(a)			554,898
3,905			Oracle Corp.			655,415
8,096			Pegasystems, Inc.			643,146
658			ServiceNow, Inc.(a)			613,907
2,125			Workday, Inc.(a)			496,931
8,060			Zoom Video Communications, Inc.(a)			602,404
3,498			Zscaler, Inc.(a)			632,403
						7,300,221
			Publishing Industries — 29.5%
955			Adobe, Inc.(a)			456,566
16,721			Box, Inc.(a)			531,059
2,119			CrowdStrike Holdings, Inc.(a)			629,068
1,985			CyberArk Software Ltd. ADR (Israel)(a)			548,892
5,059			Datadog, Inc.(a)			634,601

The accompanying notes are an integral part of these financial statements.

21

Direxion Work From Home ETF

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Publishing Industries — (Continued)
9,572			DocuSign, Inc.(a)			$664,105
1,112			HubSpot, Inc.(a)			616,927
1,344			Microsoft Corp.			546,134
7,303			Okta, Inc.(a)			525,013
2,219			Salesforce, Inc.			646,550
11,610			Smartsheet, Inc.(a)			655,036
9,984			Varonis Systems, Inc.(a)			502,894
						6,956,845
			Telecommunications — 5.1%
269,418			Altice USA, Inc.(a)(b)			654,686
13,250			Verizon Communications, Inc.			558,222
						1,212,908
			TOTAL COMMON STOCKS (Cost $24,914,709)			$23,514,952
			SHORT TERM INVESTMENTS — 0.3%
			Money Market Funds — 0.3%
76,306			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$76,306
			TOTAL SHORT TERM INVESTMENTS (Cost $76,306)			$76,306
			TOTAL INVESTMENTS (Cost $24,991,015) — 100.0%			$23,591,258
			Liabilities in Excess of Other Assets — (0.0)%(†)			(11,765)
			TOTAL NET ASSETS — 100.0%			$23,579,493

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(†)
Less than 0.05%.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

22

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024

			Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			Direxion HCM Tactical Enhanced US ETF			Direxion NASDAQ-100® Equal Weighted Index Shares			Direxion Work From Home ETF
Assets:
Investments, at fair value (including securities loaned*) (Note 2)			$265,689,757			$401,945,983			$1,288,750,950			$23,591,258
Cash			—			651,888			—			—
Receivable for Fund shares sold			1,453,808			172,080			1,708			—
Receivable for investments sold			—			50,403,752			—			—
Due from broker for futures contracts			215,275			—			—			—
Deposit at broker for futures contracts			4,685,809			—			—			—
Dividend and interest receivable			1,045,385			493,714			188,985			9,149
Unrealized appreciation on swap contracts			—			16,635,301			—			—
Prepaid expenses and other assets			—			1,868			—			—
Total assets			273,090,034			470,304,586			1,288,941,643			23,600,407
Liabilities:
Collateral for securities loaned (Note 2)			—			—			10,560,912			16,224
Payable for Fund shares redeemed			—			51,586,905			—			—
Unrealized depreciation on swap contracts			—			1,065,601			—			—
Due to Adviser, net (Note 6)			51,097			355,360			145,594			3,680
Due to broker for swap contracts			—			28,603,419			—			—
Variation margin payable			1,158,701			—			—			—
Accrued operating services fees (Note 6)			45,016			—			52,735			1,010
Accrued expenses and other liabilities			—			70,582			—			—
Total liabilities			1,254,814			81,681,867			10,759,241			20,914
Net Assets			$271,835,220			$388,622,719			$1,278,182,402			$23,579,493
Net Assets Consist of:
Capital stock			​$268,316,556			​$323,943,297			​$1,371,172,921			​$39,694,971
Total distributable earnings (loss)			​3,518,664			​64,679,422			​(92,990,519)			​(16,115,478)
Net assets			$271,835,220			$388,622,719			$1,278,182,402			$23,579,493
Calculation of Net Asset Value Per Share:
Net assets			$271,835,220			$388,622,719			$1,278,182,402			$23,579,493
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			9,350,001			11,300,001			14,350,002			400,001
Net assets value, redemption price and offering price per share			​$29.07			$34.39			$89.07			$58.95
Cost of Investments			$265,689,757			$341,041,579			$1,312,819,649			$24,991,015
*Value of securities loaned			$—			$1,042,525			$51,826,441			$13,628

The accompanying notes are an integral part of these financial statements.

23

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024

			Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			Direxion HCM Tactical Enhanced US ETF			Direxion NASDAQ-100® Equal Weighted Index Shares			Direxion Work From Home ETF
Investment Income:
Dividend income			$—			$3,262,279			$12,693,276			$272,711
Less: Foreign withholding tax			—			(905)			(46,803)			—
Interest income			13,511,320			3,301,080			83,203			3,818
Securities lending income			—			151			1,667,780			148,413
Total investment income			13,511,320			6,562,605			14,397,456			424,942
Expenses:
Investment advisory fees (Note 6)			1,344,204			​3,108,507			3,525,210			109,525
Operating services fees (Note 6)			537,681			—			587,535			13,690
Professional fees			—			27,446			—			—
Interest expense			—			501,450			—			—
Offering fees			—			11,383			—			—
Management service fees (Note 6)			—			72,495			—			—
Pricing fees			—			4,335			—			—
Exchange listing fees			—			7,250			—			—
Reports to shareholders			—			27,823			—			—
Insurance fees			—			4,378			—			—
Trustees’ fees and expenses			—			6,250			—			—
Fund servicing fees			—			87,225			—			—
Other			—			18,586			—			—
Total expenses			1,881,885			​3,877,128			4,112,745			123,215
Recoupment of expenses to Adviser (Note 6)			—			​28,877			—			—
Less: Reimbursement of expenses from Adviser (Note 6)			—			​—			—			—
Net expenses			1,881,885			3,906,005			4,112,745			123,215
Net investment income			11,629,435			2,656,600			10,284,711			301,727
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			—			(7,757,257)			(45,441,973)			(1,186,295)
In-kind redemptions			—			370,764			154,097,839			2,569,392
Swap contracts			—			32,350,747			—			—
Futures contracts			(9,712,531)			—			—			—
Net realized gain (loss)			(9,712,531)			24,964,254			108,655,866			1,383,097
Change in net unrealized appreciation on:
Investment securities			—			60,904,404			96,035,188			6,190,729
Swap contracts			—			15,569,700			—			—
Futures contracts			6,426,668			—			—			—
Change in net unrealized appreciation			6,426,668			76,474,104			96,035,188			6,190,729
Net realized and unrealized gain (loss)			(3,285,863)			101,438,358			204,691,054			7,573,826
Net increase in net assets resulting from operations			$8,343,572			$104,094,958			$214,975,765			$7,875,553

The accompanying notes are an integral part of these financial statements.

24

DIREXION SHARES ETF TRUST

Statements of Changes in Net Assets

			Direxion Auspice Broad Commodity Strategy ETF (Consolidated)						Direxion HCM Tactical Enhanced US ETF
			Year Ended October 31,						Year Ended  October 31, 2024			For the Period June 22, 20231 through October 31, 2023
			2024			2023
Operations:
Net investment income			$11,629,435			$11,174,099			$2,656,600			$682,120
Net realized gain (loss)			(9,712,531)			651,107			24,964,254			(13,637,318)
Change in net unrealized appreciation (depreciation)			6,426,668			(2,905,196)			76,474,104			—
Net increase (decrease) in net assets resulting from operations			8,343,572			8,920,010			104,094,958			(12,955,198)
Distributions to shareholders:
Net distributions to shareholders			​(10,293,949)			(16,320,544)			(2,714,750)			(422,676)
Return of capital			​(205,247)			(351,964)			—			—
Total distributions			(10,499,196)			(16,672,508)			(2,714,750)			(422,676)
Capital share transactions:
Proceeds from shares sold			42,088,268			45,354,256			590,724,152			173,104,643
Cost of shares redeemed			(58,271,678)			(44,744,640)			(459,395,497)			(3,951,165)
Transaction fees (Note 4)			15,863			13,467			137,462			790
Net increase (decrease) in net assets resulting from capital transactions			(16,167,547)			623,083			131,466,117			169,154,268
Total increase (decrease) in net assets			(18,323,171)			(7,129,415)			232,846,325			155,776,394
Net assets:
Beginning of year/period			290,158,391			297,287,806			155,776,394			—
End of year/period			$271,835,220			$290,158,391			$388,622,719			$155,776,394
Changes in shares outstanding
Shares outstanding, beginning of year/period			9,950,001			9,950,001			6,700,001			—
Shares sold			1,450,000			1,500,000			18,350,000			6,850,001
Shares repurchased			(2,050,000)			(1,500,000)			(13,750,000)			(150,000)
Shares outstanding, end of year/period			9,350,001			9,950,001			11,300,001			6,700,001

1
Commencement of operations.

The accompanying notes are an integral part of these financial statements.

25

DIREXION SHARES ETF TRUST

Statements of Changes in Net Assets (Continued)

			Direxion NASDAQ-100® Equal Weighted Index Shares						Direxion Work From Home ETF
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$10,284,711			$5,798,640			$301,727			$80,938
Net realized gain (loss)			108,655,866			81,456,935			1,383,097			(12,041,441)
Change in net unrealized appreciation (depreciation)			96,035,188			(12,429,604)			6,190,729			13,006,199
Net increase in net assets resulting from operations			214,975,765			74,825,971			7,875,553			1,045,696
Distributions to shareholders:
Net distributions to shareholders			(10,435,457)			(5,738,780)			(317,678)			(89,807)
Total distributions			(10,435,457)			(5,738,780)			(317,678)			(89,807)
Capital share transactions:
Proceeds from shares sold			1,402,328,534			1,394,719,886			—			1,108,042
Cost of shares redeemed			(1,120,157,718)			(1,372,011,817)			(11,080,407)			(13,332,704)
Net increase (decrease) in net assets resulting from capital transactions			282,170,816			22,708,069			(11,080,407)			(12,224,662)
Total increase (decrease) in net assets			486,711,124			91,795,260			(3,522,532)			(11,268,773)
Net assets:
Beginning of year			791,471,278			699,676,018			27,102,025			38,370,798
End of year			$1,278,182,402			$791,471,278			$23,579,493			$27,102,025
Changes in shares outstanding
Shares outstanding, beginning of year			11,100,002			10,950,002			600,001			875,001
Shares sold			16,200,000			18,800,000			—			25,000
Shares repurchased			(12,950,000)			(18,650,000)			(200,000)			(300,000)
Shares outstanding, end of year			14,350,002			11,100,002			400,001			600,001

The accompanying notes are an integral part of these financial statements.

26

Financial Highlights

October 31, 2024

																																				RATIOS TO AVERAGE NET ASSETS5
			Net Asset Value, Beginning of Year/ Period			Net Investment Income (Loss)1			Net Realized and Unrealized Gain (Loss) on Investments3			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period			Total Return4			Net Assets, End of Year/Period (000’s omitted)			Net Expenses			Total Expenses			Net Investment Income (Loss) after Expense Reimbursement			Net Expenses2			Total Expenses2			Net Investment Income (Loss) after Expense Reimbursement2			Portfolio Turnover Rate7
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)
For the year ended October 31, 2024			$29.16			$1.24			$(0.20)			$1.04			​$(1.11)			$—			​$(0.02)			$(1.13)			$29.07			3.71%			$271,835			0.70%			0.70%			4.33%			0.70%			0.70%			4.33%			0%
For the year ended October 31, 2023			29.88			1.15			(0.15)			1.00			(1.68)			—			(0.04)			(1.72)			29.16			3.33%			290,158			0.70%			0.70%			3.84%			0.70%			0.70%			3.84%			0%
For the year ended October 31, 2022			32.70			0.01			1.85			1.86			(4.68)			—			—			(4.68)			29.88			6.21%			297,288			0.87%			0.87%			0.03%			0.70%			0.70%			0.20%			0%
For the year ended October 31, 2021			23.13			(0.20)			9.77			9.57			—			—			—			—			32.70			41.37%			253,431			0.70%			0.70%			(0.67)%			0.70%			0.70%			(0.67)%			0%
For the year ended October 31, 2020			23.53			(0.02)			(0.29)			(0.31)			(0.06)			—			(0.03)			(0.09)			23.13			-1.31%			43,946			0.70%			0.70%			(0.10)%			0.70%			0.70%			(0.10)%			0%
Direxion HCM Tactical Enhanced US ETF
For the year ended October 31, 2024			23.25			0.28			11.14			11.42			(0.28)			—			—			(0.28)			34.39			49.31%			388,623			1.32%6			​1.31%			0.90%			1.15%6			​1.14%			1.07%			191%
For the period June 22, 20238 through October 31, 2023			25.00			0.11			(1.80)			(1.69)			(0.06)			—			—			(0.06)			23.25			-6.77%			155,776			1.20%6			2.05%			1.20%			1.15%6			2.00%			1.25%			24%
Direxion NASDAQ-100® Equal Weighted Index Shares
For the year ended October 31, 2024			71.30			0.76			17.79			18.55			(0.78)			—			—			(0.78)			89.07			26.04%			1,278,182			0.35%			0.35%			0.88%			0.35%			0.35%			0.88%			34%
For the year ended October 31, 2023			63.90			0.63			7.45			8.08			(0.68)			—			—			(0.68)			71.30			12.66%			791,471			0.35%			0.35%			0.87%			0.35%			0.35%			0.87%			30%
For the year ended October 31, 2022			87.33			0.53			(20.59)			(20.06)			(0.50)			(2.87)			—			(3.37)			63.90			-23.78%			699,676			0.35%			0.35%			0.75%			0.35%			0.35%			0.75%			34%
For the year ended October 31, 2021			63.03			0.39			24.33			24.72			(0.39)			(0.03)			—			(0.42)			87.33			39.30%			432,264			0.35%			0.35%			0.49%			0.35%			0.35%			0.49%			30%
For the year ended October 31, 2020			51.32			0.38			11.72			12.10			(0.39)			—			—			(0.39)			63.03			23.69%			274,199			0.35%			0.35%			0.67%			0.35%			0.35%			0.67%			35%
Direxion Work From Home ETF
For the year ended October 31, 2024			45.17			0.60			13.78			14.38			(0.60)			—			—			(0.60)			58.95			31.94%			23,579			0.45%			0.45%			1.10%			0.45%			0.45%			1.10%			33%
For the year ended October 31, 2023			43.85			0.12			1.32			1.44			(0.12)			—			—			(0.12)			45.17			3.29%			27,102			0.45%			0.45%			0.25%			0.45%			0.45%			0.25%			37%
For the year ended October 31, 2022			77.54			0.63			(33.78)			(33.15)			(0.54)			—			—			(0.54)			43.85			-43.00%			38,371			0.45%			0.45%			1.04%			0.45%			0.45%			1.04%			45%
For the year ended October 31, 2021			53.77			0.22			24.24			24.46			(0.27)			(0.42)			—			(0.69)			77.54			45.69%			110,490			0.45%			0.45%			0.31%			0.45%			0.45%			0.31%			35%
For the period June 25, 20208 through October 31, 2020			50.00			0.15			3.65			3.80			(0.03)			—			—			(0.03)			53.77			7.60%			133,078			0.45%			0.45%			0.81%			0.45%			0.45%			0.81%			32%

1
Net investment income (loss) per share represents net investment income divided by the daily average shares of beneficial interest outstanding throughout each period.

2
Excludes interest expense and extraordinary expenses which comprise of tax and litigation expenses.

3
Due to the timing of sales and redemptions of capital shares, the net realized and unrealized gain (loss) per share will not equal the Fund’s changes in net realized and unrealized gain (loss) on investments, in-kind redemptions, futures and swaps for the period.

4
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized.

5
For periods less than a year, these ratios are annualized.

6
Net expenses include effects of any reimbursement/waiver or recoupment.

7
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. Portfolio turnover rate does not include effects of turnover of the swap and future contracts portfolio. Short-term securities with maturities less than or equal to 366 days are also excluded from portfolio turnover calculation.

8
Commencement of operations.

The accompanying notes are an integral part of these financial statements.

27

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024

1. ORGANIZATION

The Direxion Shares ETF Trust (the “Trust”) is a Delaware statutory trust formed on April 23, 2008 and is registered with the Securities and Exchange Commission (“SEC”) as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is a registered investment company that has 93 separate series (each, a “Fund” and together the “Funds”). Four of these Funds are included in this report:

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			Direxion NASDAQ-100® Equal Weighted Index Shares
Direxion HCM Tactical Enhanced US ETF			Direxion Work From Home ETF

The Trust has evaluated the structure, objective and activities of the Funds and determined that they meet the characteristics of an investment company. As such, these financial statements have applied the guidance as set forth in the Accounting Standards Codifications (“ASC”) 946, “Financial Services-Investment Companies”.

Rafferty Asset Management, LLC (“Rafferty” or “Adviser”) serves as investment adviser to the Funds. Rafferty has registered as a commodity pool operator (“CPO”) and the Direxion Auspice Broad Commodity Strategy ETF (Consolidated) and Direxion HCM Tactical Enhanced US ETF are considered commodity pools under the Commodity Exchange Act (the “CEA”). Accordingly, Rafferty is subject to registration and regulation as a CPO under the CEA and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission and the National Futures Association, including investor protection requirements, antifraud provisions, disclosure requirements and reporting and record keeping requirements.

The Funds seek investment results, before fees and expenses, that track the performance of the underlying index as listed below:

Funds			Index or Benchmark
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			Auspice Broad Commodity Index
Direxion NASDAQ-100® Equal Weighted Index Shares			NASDAQ-100® Equal Weighted Index
Direxion Work From Home ETF			Solactive Remote Work Index

The Direxion Auspice Broad Commodity Strategy ETF (Consolidated) primarily invests in commodity and financial futures contracts directly and/or indirectly through its wholly-owned subsidiary, Direxion BCS Fund Ltd. (“BCS Fund”), in order to track the returns of the Auspice Broad Commodity Index within the limitation of the U.S. federal tax requirements applicable to regulated investment companies.

The Direxion HCM Tactical Enhanced US ETF is actively managed and seeks to provide enhanced returns across multiple market cycles that are broadly correlated to the U.S. equity markets. The Fund uses a proprietary quantitative investment model based on the HCM-BuyLine^® developed by the Fund’s subadvisor, Howard Capital Management, Inc. (“Subadviser”), to determine if the Fund’s assets are allocated to U.S. equity securities or to cash and cash equivalents (i.e., money market funds, U.S. government securities and/or similar securities). The Fund will invest in or have exposure to, U.S. equity securities in order to achieve capital appreciation, or will invest in cash or cash equivalents in order to attempt to preserve capital during market downturns. When allocated to U.S. equities, the Fund will seek leveraged exposure of its net assets through investments in derivatives, such as swaps, in order to achieve enhanced returns.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”).

28

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

a) Investment Valuation – The Net Asset Value (“NAV”) per share of each Fund is determined daily, as of the close of regular trading on the NYSE Arca (normally at 4:00 p.m. Eastern time (“Valuation Time”), each day the NYSE is open for business. A security listed or traded on an exchange, domestic or foreign, is valued at its last sales price on the principal exchange on which it is traded prior to the time when assets are valued. If no sale is reported at that time, the mean of the last bid and asked prices is used. Securities primarily traded on the NASDAQ^® Global Market (“NASDAQ”) for which market quotations are readily available are valued using the NASDAQ^® Official Closing Price (“NOCP”) provided by NASDAQ each business day. Over-the-counter (“OTC”) securities held by a Fund are valued at the last sales price or, if no sales price is reported, the mean of the last bid and asked price is used. The portfolio securities of a Fund that are listed on national exchanges are valued at the last sales price of such securities or; if no sales price is reported, the mean of the last bid and asked price is used. Swap contracts are valued using the closing price of the underlying reference entity or the closing value of the underlying reference index. The Funds valued their investments in money market funds based on their daily net asset values. If the settlement price established by the exchange reflects trading after the Valuation Time, then the last sales price prior to Valuation Time will be used. Securities and swap contracts are fair valued as determined by Rafferty under the supervision of the Board of Trustees (the “Board”) in the following scenarios: a) reliable market quotations are not readily available; b) the Funds’ pricing service does not provide a valuation for such securities; c) the Funds’ pricing service provides a valuation that in the judgment of Rafferty does not represent fair value; or d) the Fund or Rafferty believes the market price is stale.

b) Swap Contracts – The Direxion HCM Tactical Enhanced US ETF (“HCM”) may enter into equity swap contacts. Standard equity swap contracts are between two parties that agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross amount to be exchanged is calculated with respect to a “notional amount” (i.e. the return on or increase in value of a particular dollar amount invested in a “basket” of securities representing a particular index or industry sector). HCM enters into master netting agreements with counterparties to mitigate counterparty credit risk in derivative contracts. HCM does not offset fair value amounts for derivative contracts and related cash collateral on the Statements of Assets and Liabilities arising from derivative contracts executed with the same counterparties under such master netting agreements. HCM’s obligations are accrued daily and offset by any amounts owed to HCM.

In a “long” equity swap agreement, the counterparty will generally agree to pay HCM the amount, if any, by which the notional amount of the swap contract would have increased in value if the Fund had been invested in the particular securities, plus dividends that would have been received on those securities. HCM will agree to pay the counterparty a floating rate of interest on the notional amount of the swap contract plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such securities plus, in certain instances, commissions or trading spreads on the notional amounts. Thus, the return on the swap contract should be the gain or loss on the notional amount plus dividends on the securities less the interest and commission paid by HCM on the notional amount. Payments may be made at the conclusion of the contract or periodically during its term. In certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the counterparty will pay HCM interest. These swap contracts do not include the delivery of securities by HCM to the counterparty. The net amount of the excess, if any, of the HCM’s obligations owed over its entitlement with respect to each swap is accrued on a daily basis and an amount of cash or liquid assets having an aggregate net asset value at least equal to such accrued excess is maintained in a segregated account by HCM’s custodian. Until a swap contract is settled in cash, the gain or loss on the notional amount plus dividends on the securities less the interest paid by HCM on the notional amount are recorded as “unrealized appreciation or depreciation on swaps” and when cash is exchanged, the gain or loss is recorded as “realized gains or losses on swaps”.

HCM may enter into swap contracts that provide the opposite return of the underlying benchmark or security (“short” the index or security). The operations are similar to that of the swaps disclosed above except that the counterparty pays interest to HCM on the notional amount outstanding and the dividends on the underlying securities reduce the return of the swap. However, in certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which HCM will pay the counterparty interest. These amounts are netted with any unrealized appreciation or depreciation to determine the value of the swap. HCM will typically enter into equity swap agreements to obtain leverage in order to meet its investment objectives.

29

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Accounting Standards Update No. 2013-01, “Disclosures about Offsetting Assets and Liabilities” (“ASU 2013-01”), requires entities to disclose (i) gross and net information about both instruments and transactions eligible for offset in the financial statements, and (ii) instruments and transactions subject to an agreement similar to a master netting agreement. ASU 2013-01 is limited in scope to recognized derivative instruments accounted for under ASC 815, “Derivatives and Hedging”, to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement of similar agreement.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including swap contracts, and typically contains, among other things, collateral posting terms, netting and rights of set-off provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and receivables to create a single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral requirements generally differ by type of derivative. Collateral terms are contract specific for OTC derivatives (e.g. swaps). Generally, for transactions traded under an ISDA Master Agreement, the collateral requirements are calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to the counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its derivative counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Interest earned on collateral pledged to a counterparty is presented as part of Interest income on the Statements of Operations. Interest incurred on collateral received from a counterparty is presented as Interest expense on the Statements of Operations.

For financial reporting purposes, HCM elects to not offset assets and liabilities subject to an ISDA Master Agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities.

In the event of the counterparty’s default, bankruptcy or any other event for which the counterparty cannot meet its obligations, a Fund bears the risk of loss equal to the amount of the daily appreciation owed to the Fund. This obligation represents the daily gain accrued to the Fund from the close of business day prior to this event to the day on which this event occurs and the counterparty can no longer meet its obligations. A Fund will enter into swap agreements only with large, well-capitalized and established financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Adviser. Shareholders may obtain swap counterparty financial statements at www.sec.gov. Swap contracts are subject to credit risk. Credit risk occurs when the financial condition of an issuer of a security or instrument may cause it to default or become unable to pay interest or principal due on the security. The counterparty to a swap contract might default on its obligations. In addition, the Funds have agreements with certain counterparties with which it trades swap contracts that contain credit risk-related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value and performance-based thresholds. The maximum exposure to the Funds in regard to potential counterparty default and credit-risk related contingent features at October 31, 2024 is detailed in the following tables. If such credit risk-related contingencies were triggered, the counterparties would have the option to terminate any positions open under the master netting agreement.

30

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Description: Swap Contract

Counterparty: Barclays

Assets:

Liabilities:

Gross Amounts not Offset in the Statement of Asset and Liabilities

Gross Amounts not Offset in the Statement of Asset and Liabilities

Fund Name

Gross Amounts of Recognized Assets

Financial Instruments

Collateral Received

Net Amount2

Gross Amounts of Recognized Liabilities

Financial Instruments

Collateral Pledged

Net Amount

Direxion HCM Tactical Enhanced US ETF

$4,672,502

$—

$4,672,5021

$  —

$—

$—

$—

$   —

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: Goldman Sachs

Assets:

Liabilities:

Gross Amounts not Offset in the Statement of Asset and Liabilities

Gross Amounts not Offset in the Statement of Asset and Liabilities

Fund Name

Gross Amounts of Recognized Assets

Financial Instruments

Collateral Received

Net Amount2

Gross Amounts of Recognized Liabilities

Financial Instruments

Collateral Pledged

Net Amount

Direxion HCM Tactical Enhanced US ETF

$11,962,799

$1,065,601

$10,897,1981

$—

$1,065,601

$1,065,601

$  —

$   —

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

c) Futures Contracts – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against, changes in the values of commodities, equities, interest rates or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. The Direxion Auspice Broad Commodity Strategy ETF (Consolidated) was invested in futures contracts as of the year ended October 31, 2024.

d) Risks of Futures Contracts, Options on Futures Contracts and Short Positions – The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions. The Funds were not invested in any type of options during the year ended October 31, 2024.

31

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

e)  Basis for Consolidation – The Direxion Auspice Broad Commodity Strategy ETF may invest up to 25% of its total assets in the BCS Fund. The BCS Fund, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by the Direxion Auspice Broad Commodity Strategy ETF. The BCS Fund acts as an investment vehicle to facilitate entering into certain investments for the Direxion Auspice Broad Commodity Strategy ETF consistent with the Fund’s investment objectives and policies specified in its prospectus and statement of additional information and within the limitation of the U.S. federal tax requirements applicable to regulated investment companies. As of October 31, 2024, the net assets of the Direxion Auspice Broad Commodity Strategy ETF were $271,835,220 of which $36,930,244, or approximately 13.6%, represented the Direxion Auspice Broad Commodity Strategy ETF’s ownership of all issued shares and voting rights of the BCS Fund. All intercompany balances, revenues and expenses have been eliminated in consolidation.

f) Risks of Investing Commodity-Linked Derivatives – The Direxion Auspice Broad Commodity Strategy ETF, through its investment in its respective subsidiary, may hold commodity-linked derivatives. Commodity-linked derivatives provide exposure, which may include long and/or short exposure, to the investment returns of physical commodities that trade in the commodities markets without investing directly in physical commodities. The value of a commodity-linked derivative investment typically is based upon the price movements of a physical commodity (such as heating oil, precious metals, livestock, or agricultural products), a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. The Direxion Auspice Broad Commodity Strategy ETF held commodity-linked derivatives during the year ended October 31, 2024.

g) Security Transactions – Investment transactions are recorded on the trade date. The Funds determine the gain or loss realized from investment transactions by comparing the identified cost, which is the same basis used for U.S. Federal income tax purposes, with the net sales proceeds.

h) Securities Lending – Each Fund may lend up to 33¹∕3% of the value of the securities in their portfolios to approved brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, cash equivalents, or securities issued or guaranteed by the U.S. government. The collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. Government securities held as collateral, net of fee rebates paid to borrower and net of fees paid to the lending agent. The amount of fees depends on a number of factors including the security type and the length of the loan. In addition, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. No more than 99% of the value of any security may be on loan at any time.

As of October 31, 2024, all securities on loan were collateralized by cash and/or U.S. government obligations. The cash received as collateral for securities on loan was invested in money market funds, whose maturities are overnight and continuous, and is disclosed in the Schedules of Investments. The securities on loan in each Fund are also disclosed in the Schedule of Investments. The total value of securities loaned and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Non-cash collateral consists of U.S. Treasury securities and is not disclosed on the Statements of Assets and Liabilities as its held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell, reinvest or pledge those securities. Income earned by the Funds from securities lending is disclosed in the Statements of Operations.

32

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds are contractually indemnified with the securities lending agent. Furthermore, the Funds require the value of the securities loaned to be computed daily at the close of the market and additional collateral be furnished, if required.

As of October 31, 2024, the market value of the securities loaned and the related cash and non-cash collateral received for securities lending were as follows:

Funds			Market Value of Securities Loaned			Cash Collateral Received			Non-Cash Collateral Received			Total Collateral Received
Direxion HCM Tactical Enhanced US ETF			$1,042,525			$—			$1,064,115			$1,064,115
Direxion NASDAQ-100® Equal Weighted Index Shares			51,826,441			10,560,912			42,448,148			53,009,060
Direxion Work From Home ETF			13,628			16,224			—			16,224

i) Federal Income Taxes – Each Fund intends to make the requisite distributions of income and capital gains to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company. Therefore, no provision for U.S. Federal income tax has been made by the Funds.

The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. No Funds paid this excise tax during the year ended October 31, 2024.

j) Income and Expenses – Interest income, including amortization of premiums and discounts, is recognized on an accrual basis. Distributions are recorded on the ex-dividend date.

The Funds are charged for those expenses that are directly attributable to each series, such as advisory fees. Expenses that are not directly attributable to a series are generally allocated among the Trust’s series in proportion to their respective average daily net assets. Expenses are charged to the Funds daily. Expenses are computed based on each Fund’s respective average daily net assets. For additional discussion on expenses, refer to Note 6.

k) Distributions to Shareholders – Each Fund pays dividends from net investment income and distributes net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with U.S. Federal income tax regulations, which may differ from GAAP. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Distributions to shareholders are recorded on the ex-dividend date.

l) Guarantees and Indemnifications – In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnification provisions pursuant to which the Funds agree to indemnify third parties upon the occurrence of specified events. The Funds’ maximum exposure relating to these indemnification agreements is unknown. However, the Funds have not had prior claims or losses in connection with these provisions and believe the risk of loss is remote.  

m) Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 

33

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

3. INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the periods ended October 31, 2024 and October 31, 2023 are presented in the following table. The tax character of distributions to shareholders made during the periods may differ from their ultimate characterization for U.S. Federal income tax purposes.

			Year Ended October 31, 2024									Year/Period Ended October 31, 2023
			Distributions Paid From:									Distributions Paid From:
Funds			Ordinary Income			Long Term Capital Gains			Return of Capital			Ordinary Income			Long Term Capital Gains			Return of Capital
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			$10,293,949			$   —			$205,247			$16,320,544			$   —			$351,964
Direxion HCM Tactical Enhanced US ETF1			​2,714,750			—			—			422,676			—			—
Direxion NASDAQ-100® Equal Weighted Index Shares			​10,435,457			—			—			5,738,780			—			—
Direxion Work From Home ETF			​317,678			—			—			89,807			—			—

1
Commenced operations June 22, 2023.

At October 31, 2024, the components of accumulated earnings/(losses) on a tax-basis were as follows:

Funds

Net Unrealized Appreciation (Depreciation)

Undistributed Ordinary Income

Undistributed Capital Gain

Other Accumulated Earnings (Losses)1

Total Accumulated Earnings (Losses)

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

$​3,521,472

$   —

$   —

$​(2,808)

$​3,518,664

Direxion HCM Tactical Enhanced US ETF

​55,640,048

​9,039,374

​—

—

​64,679,422

Direxion NASDAQ-100® Equal Weighted Index Shares

​(43,120,434)

​127,849

—

​(49,997,934)

​(92,990,519)

Direxion Work From Home ETF

​(1,556,780)

​21,516

—

​(14,580,214)

​(16,115,478)

1
Other Accumulated Earnings (Losses) consist of capital loss carryover and organizational costs.

At October 31, 2024, the aggregate gross unrealized appreciation and depreciation of investments for U.S. Federal income tax purposes were as follows:

Funds

Tax Cost of Investments

Gross Unrealized Appreciation

Gross Unrealized Depreciation

Net Unrealized Appreciation (Depreciation)

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)

$​265,689,757

$​3,521,472

$   —

$​3,521,472

Direxion HCM Tactical Enhanced US ETF

​361,875,635

​79,846,234

​(24,206,186)

​55,640,048

Direxion NASDAQ-100® Equal Weighted Index Shares

​1,331,871,384

​69,746,768

​(112,867,202)

​(43,120,434)

Direxion Work From Home ETF

​25,148,038

​5,464,035

​(7,020,815)

​(1,556,780)

The difference between the book cost of investments and the tax cost of investments is primarily attributable to tax deferral of losses on wash sales and basis adjustments on investments in real estate investment trusts (“REITs”).

34

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

On the Statements of Assets and Liabilities, the following adjustments were made for permanent tax differences between accounting for total distributable earnings and capital stock under GAAP and tax reporting:

Funds			Total Distributable Earnings (Loss)			Capital Stock
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			​$8,377,395			​$(8,377,395)
Direxion HCM Tactical Enhanced US ETF			​(23,158,890)			​23,158,890
Direxion NASDAQ-100® Equal Weighted Index Shares			​(145,098,265)			​145,098,265
Direxion Work From Home ETF			​(1,674,574)			​1,674,574

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended October 31, 2024, the permanent differences primarily relate to tax treatment of redemptions in-kind, income earned from consolidated entities and the utilization of earnings and profits distributed to shareholders on redemption of shares.

In order to meet certain U.S. excise tax distribution requirements, each Fund is required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, these Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, October 31, 2024.

At October 31, 2024, no Funds deferred, on a tax basis, qualified late year losses.

Under current law, each Fund may carry forward net capital losses indefinitely to use to offset capital gains realized in future years and their character is retained as either short-term and/or long-term.

At October 31, 2024, for U.S. Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains:

Funds			Utilized in Current Year			Unlimited ST			Unlimited LT
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			$​—			$​—			$​—
Direxion HCM Tactical Enhanced US ETF			​563,301			—			—
Direxion NASDAQ-100® Equal Weighted Index Shares			—			​15,813,852			​34,184,082
Direxion Work From Home ETF			—			​6,090,747			​8,489,467

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. Management has reviewed all open tax years and concluded that there is no effect to the Funds’ financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During this period, the Funds did not incur any interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of October 31, 2024, open U.S. Federal and state income tax years include the tax years ended October 31, 2021 through October 31, 2024. The Funds have no examinations in progress. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

35

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

4. CREATION AND REDEMPTION TRANSACTIONS AND TRANSACTION FEES

Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called “Creation Units.” The number of shares in a Creation Unit for each respective Fund is as follows:

Funds			Number of Shares per Creation Unit
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			50,000 shares
Direxion HCM Tactical Enhanced US ETF			25,000 shares
Direxion NASDAQ-100® Equal Weighted Index Shares			50,000 shares
Direxion Work From Home ETF			25,000 shares

Creation Units of the Funds are issued and redeemed in cash and/or in-kind for securities included in the relevant underlying index. Investors such as market makers, large investors and institutions who wish to deal in Creation Units directly with a Fund must have entered into an authorized participant agreement with the principal underwriter and the transfer agent, or purchase through a dealer that has entered into such an agreement. Transactions in shares for each Fund include both cash and in-kind transactions and are disclosed in detail in the Statements of Changes in Net Assets.

Transaction fees are imposed to cover the costs associated with the issuance and redemption of Creation Units. There is a fixed and a variable component to the total transaction fee. A fixed transaction fee is paid to the transfer agent and is applicable to each creation or redemption transaction, regardless of the number of Creation Units purchased or redeemed. In addition, a variable transaction fee equal to a percentage of the value of each Creation Unit purchased or redeemed is applicable to each creation or redemption transaction and is paid to the Fund. Not all Funds will have a transaction fee associated with capital share activity for the year. Transaction fees received by each Fund are presented in the Capital Share Transaction section of the Statements of Changes in Net Assets and any amount receivable as of October 31, 2024 is included in Receivable for Fund shares sold on the Statement of Assets and Liabilities.

5. INVESTMENT TRANSACTIONS

The table below presents each Fund’s investment transactions during the year ended October 31, 2024. Purchases represent the aggregate purchases of investments excluding the cost of in-kind purchases, short-term investment purchases, swaps and futures contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments, swaps and futures contracts. Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

Funds			Purchases			Sales			Purchases In-Kind			Sales In-Kind
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			$—			$—			$—			$—
Direxion HCM Tactical Enhanced US ETF			579,491,149			426,386,307			107,217,270			2,810,307
Direxion NASDAQ-100® Equal Weighted Index Shares			391,606,413			391,415,902			1,402,190,065			1,120,137,098
Direxion Work From Home ETF			8,931,488			8,945,732			—			11,081,235

There were no purchases or sales of long-term U.S. Government securities in the Funds during the year ended October 31, 2024.

36

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

6. INVESTMENT ADVISORY AND OTHER AGREEMENTS

Under an Investment Advisory Agreement between each Adviser and the Trust, on behalf of each Fund, the Adviser provides a continuous investment program for each Fund’s assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of each Fund, subject to the supervision of the Trustees. Pursuant to the Advisory Agreement, each Fund pays the Adviser an investment advisory fees at an annual rate based on its average daily net assets. These rates are as follows:

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			0.50%
Direxion HCM Tactical Enhanced US ETF			1.05%
Direxion NASDAQ-100® Equal Weighted Index Shares			0.30%
Direxion Work From Home ETF			0.40%

Additionally, the Trust has entered into a Management Services Agreement with Rafferty. Under the Management Services Agreement, the Trust pays Rafferty management service fees of 0.026% on the first $10,000,000,000 of the Trust’s daily net assets and 0.024% on assets in excess of $10,000,000,000. This fee compensates Rafferty for performing certain management, administration and compliance functions related to the Trust.

The below Funds have entered into an Operating Services Agreement.  Under the Operating Services Agreement, Rafferty will pay all the expenses (with certain exceptions such as management fees, Rule 12b-1 fees and swap financing and related costs) of the Funds in exchange for a fee calculated based on the following rates multiplied by the respective average daily net assets of each Fund. 

Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			0.20%
Direxion NASDAQ-100® Equal Weighted Index Shares			0.05%
Direxion Work From Home ETF			0.05%

The Adviser and Subadviser have entered into a sub-advisory agreement effective through September 1, 2025. Under the sub-advisory agreement, the Adviser pays the Subadviser out of its investment advisory fees.

The Direxion HCM Tactical Enhanced US ETF is responsible for its own operating expenses. The Adviser has contractually agreed to waive its fees and/or reimburse the Fund’s operating expenses to the extent that they exceed 1.15% multiplied by the Fund’s average daily net assets at least until September 1, 2025. Any expense waiver is subject to recoupment by the Adviser, as applicable, within the following three years if overall expenses fall below these percentage limitations.

The table below presents amounts that the Adviser recouped, reimbursed and the amounts available for potential recoupment by the Adviser.

Expenses Recouped

Expenses Reimbursed

Potential Recoupment Amounts Expiring:

Total Potential Recoupment Amount

October 31, 2025

October 31, 2026

October 31, 2027

Direxion HCM Tactical Enhanced US ETF

$28,877

$  —

$  —

​$455,339

$  —

​$455,339

The net amounts receivable (payable) arising from the Investment Advisory Agreement, Management Services Agreement and waiver of any expenses as of October 31, 2024, is presented on the Statement of Assets and Liabilities as Due from (to) Adviser, net.

The Board has adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940. In accordance with the Plan, each Fund is authorized to charge an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No 12b-1 fees were charged by any Fund.

37

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

7. FAIR VALUE MEASUREMENTS

The Funds follow authoritative fair valuation accounting standards, which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels below:

Level 1 – 

Quoted prices in active markets for identical securities

Level 2 – 

Evaluated price based on other significant observable inputs (including quoted prices for similar securities, in active markets, quoted prices for identical or similar securities in inactive markets, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – 

Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds’ investments at October 31, 2024:

			Asset Class												Liability Class
			Level 1									Level 2			Level 2
Funds			Common Stocks			Short Term Investments			Futures Contracts*			Total Return Swap Contracts*			Total Return Swap Contracts*
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			$—			$265,689,757			$3,521,472			$—			​$—
Direxion HCM Tactical Enhanced US ETF			311,029,355			90,916,628			—			16,635,301			​(1,065,601)
Direxion NASDAQ-100® Equal Weighted Index Shares			1,277,411,794			11,339,156			—			—			​—
Direxion Work From Home ETF			23,514,952			76,306			—			—			​—

For further detail on each asset class, see each Fund’s Schedule of Investments.

*
Futures contracts and total return swap contracts are valued at the unrealized appreciation/(depreciation).

The Funds also follow authoritative accounting standards, which require additional disclosure regarding fair value measurements. Specifically, these standards require reporting entities to disclose a) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, b) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfers and c) purchases and sales on a gross basis in the Level 3 rollforward rather than as one net number. Additionally, reporting entities are required to disclose quantitative information about unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy.

There were no Level 3 securities held by the Funds or any transfers between levels during the year ended October 31, 2024.

8. VALUATION OF DERIVATIVE INSTRUMENTS

The Funds follow authoritative standards of accounting for derivative instruments, which establish disclosure requirements for derivative instruments. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enable investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund’s financial position and results of operations.

38

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Certain Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. For additional discussion on the risks associated with derivative instruments refer to Note 2. As of October 31, 2024, certain Funds were invested in futures contracts. At October 31, 2024, the fair values of derivative instruments, by primary risk, were as follows:

Swap Contracts

			Asset Derivatives1
Fund			Equity Risk			Total
Direxion HCM Tactical Enhanced US ETF			$16,635,301			$16,635,301

Futures Contracts*

Fund			Commodity Risk			Total
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			$3,521,472			$3,521,472

Swap Contracts

			Liability Derivatives2
Fund			Equity Risk			Total
Direxion HCM Tactical Enhanced US ETF			$1,065,601			$1,065,601

1
Statements of Assets and Liabilities location: Unrealized appreciation on swap contracts.

2
Statements of Assets and Liabilities location: Unrealized depreciation on swap contracts.

*
Cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments.

Only current day’s variation margin, if any, is reported in the Statements of Assets and Liabilities.

Transactions in derivative instruments during the period ended October 31, 2024, by primary risk, were as follows:

						Net Realized Gain (Loss)1						Net Unrealized Appreciation (Depreciation)2
Funds						Equity Risk			Commodity Risk			Equity Risk			Commodity Risk
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			Futures Contracts			$—			$(9,712,531)			$—			$6,426,668
Direxion HCM Tactical Enhanced US ETF			Swap Contracts			32,350,747			—			15,569,700			—

1
Statements of Operations location: Net realized gain (loss) on swap and futures contracts.

2
Statements of Operations location: Change in net unrealized appreciation (depreciation) on swap and futures contracts.

For the year ended October 31, 2024, the volume of the derivatives held by the Funds was as follows:

			Quarterly Average Gross Notional Amounts
			Long Futures Contracts			Long Total Return Swap Contracts
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			$128,648,557			$—
Direxion HCM Tactical Enhanced US ETF			—			258,924,328

The Funds utilize this volume of derivatives in order to meet the investment objectives of each respective Fund.

39

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

9. PRINCIPAL RISKS

Below are some of the principal risks of investing in the Funds. Please refer to the Funds’ prospectus for a full discussion.

Counterparty Risk – A Fund will be subject to credit risk with respect to the amount it expects to receive from counterparties to financial instruments entered into by the Fund. The Funds’ counterparties are generally required to post collateral to the Funds to the extent of the Funds’ daily exposure to such counterparties. However, to the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described in this paragraph. In addition, there may be a delay associated with realization by the Funds of the collateral posted by such counterparties in the event of counterparty default or bankruptcy. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. A Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances.

Sector Concentration Risk – The risk of concentrating investments in a limited number of issuers in a particular industry is that a Fund will be more susceptible to the risks associated with that industry than a Fund that does not concentrate its investments.

Daily Index Correlation/Tracking Risk – A number of factors may affect a Fund’s ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. A failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective. A number of factors may adversely affect a Fund’s correlation with its benchmark, including fees, expenses, transaction costs, costs associated with the use of leveraged investment techniques, income items, accounting standards, and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. A Fund may not have investment exposure to all securities in its underlying benchmark index, or its weighting of investment exposure to such stocks or industries may be different from that of the index. In addition, a Fund may invest in securities or financial instruments not included in the index underlying its benchmark. A Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to its benchmark. Activities surrounding annual index reconstitutions and other index rebalancing or reconstitution events may hinder the Funds’ ability to meet their daily investment objective on that day. Each Fund seeks to rebalance its portfolio daily to keep leverage consistent with its daily investment objective.

Derivatives Risk – The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

In addition, the Fund’s investments in derivatives are subject to the following risks:

• Swap Agreements. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities representing a particular index or an ETF that seeks to track an index. Swaps are subject to counterparty, valuation and leveraging risks.

• Futures Contracts. Futures contracts are typically exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. Futures contracts are subject to liquidity risks; there may not be a liquid secondary market for the futures contracts and the Fund may not be able to enter into a closing transaction. Exchanges may also limit the number of positions that can be held or controlled by the Fund or the Adviser, thus limiting the ability of the Fund to implement its leveraged investment strategy. Futures markets are highly volatile and the use of futures may increase the Fund’s volatility. Futures contracts are also subject to leverage risk.

40

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Liquidity Risk – In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a Fund invests, a Fund might not be able to dispose of certain holdings quickly or at prices that represent fair market value in the judgment of the Adviser. Additionally, certain counterparties may have the ability to demand repayment at any time, thereby exposing the Fund to the risk that it may be required to liquidate investments at an inopportune time. This may prevent a Fund from limiting losses, realizing gains or from achieving a high correlation or inverse correlation with its underlying index.

10. SUBSEQUENT EVENTS

Management has performed an evaluation of subsequent events through the date of the financial statements were issued and has determined that no items require recognition or disclosure besides those noted below.

On December 11, 2024, certain Funds declared capital gain distributions with an ex-date of December 12, 2024 and payable date of December 19, 2024. The specific Funds and per share amounts of the distributions are listed below.

Funds			Per Share Short Term Capital Gain Distribution
Direxion HCM Tactical Enhanced US ETF			​$0.75067

On December 20, 2024, certain Funds declared income distributions with an ex-date of December 23, 2024 and payable date of December 31, 2024. The specific Funds and per share amounts of the distributions are listed below.

Funds			Per Share Income Distribution
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			$0.15928
Direxion HCM Tactical Enhanced US ETF			0.06455
Direxion NASDAQ-100® Equal Weighted Index Shares			0.24019
Direxion Work From Home ETF			0.0623

41

Report of Independent Registered Public Accounting Firm

To the Shareholders of Direxion Auspice Broad Commodity Strategy ETF (Consolidated), Direxion HCM Tactical Enhanced US ETF, Direxion NASDAQ-100^® Equal Weighted Index Shares, Direxion Work From Home ETF and the Board of Trustees of Direxion Shares ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Direxion Auspice Broad Commodity Strategy ETF (Consolidated), Direxion HCM Tactical Enhanced US ETF, Direxion NASDAQ-100^® Equal Weighted Index Shares, and Direxion Work From Home ETF (collectively referred to as the “Funds”) (four of the funds constituting Direxion Shares ETF Trust (the “Trust”)), including the schedules of investments, as of October 31, 2024, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting Direxion Shares ETF Trust) at October 31, 2024, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual Fund Constituting the Direxion Shares ETF Trust			Statement of Operations			Statements of Changes in Net Assets			Financial Highlights
Direxion Auspice Broad Commodity Strategy ETF (Consolidated) Direxion NASDAQ-100® Equal Weighted Index Shares			For the year ended October 31, 2024			For each of the two years in the period ended October 31, 2024			For each of the five years in the period ended October 31, 2024
Direxion Work From Home ETF			For the year ended October 31, 2024			For each of the two years in the period ended October 31, 2024			For each of the four years in the period ended October 31, 2024 and the period from June 25, 2020 (commencement of operations) through October 31, 2020
Direxion HCM Tactical Enhanced US ETF			For the year ended October 31, 2024			For each of the two years in the period ended October 31, 2024 and the period from June 22, 2023 (commencement of operations) through October 31, 2023			For each of the two years in the period ended October 31, 2024 and the period from June 22, 2023 (commencement of operations) through October 31, 2023

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

42

Report of Independent Registered Public Accounting Firm(Continued)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

We have served as the auditor of one or more of the Direxion investment companies since 2001.

Minneapolis, Minnesota

December 23, 2024

43

BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

Investment Advisory Agreement Approval

Consistent with the Investment Company Act of 1940, as amended (the “1940 Act”), the Board of Trustees (the “Board”) of the Direxion Shares ETF Trust (the “ETF Trust”) annually considers the renewal of the Investment Advisory Agreement (the “Agreement”) between Rafferty Asset Management, LLC (the “Adviser”) and the ETF Trust, on behalf of the Direxion Auspice Broad Commodity Strategy ETF, along with its wholly owned subsidiary, the Direxion BCS Fund, Ltd., Direxion NASDAQ-100^® Equal Weighted Index Shares and the Direxion Work From Home ETF, each a series of the ETF Trust. The Agreement is initially approved for each series for a two-year period and must be renewed yearly thereafter to remain in effect. Each series of the ETF Trust is referred to herein as a “Fund” and collectively as the “Funds.”

At a meeting held on August 22, 2024, the Board, including those members of the Board (“Trustees”) who are not “interested persons” of the ETF Trust, as defined in the 1940 Act (the “Independent Trustees”), unanimously approved the renewal of the Agreement on behalf of the Funds. The Independent Trustees had previously considered information pertaining to the renewal of the Agreement outside the presence of the Adviser’s representatives and Fund management in executive sessions held on August 8, 2024 and August 22, 2024. The Board, including the Independent Trustees, determined that the terms of the Agreement for each Fund were fair and reasonable and that the renewal of the Agreement would be in the best interests of each Fund’s shareholders.

In considering whether to renew the Agreement, the Board requested, and the Adviser provided, information that the Board and Adviser believed to be reasonably necessary to evaluate the Agreement. Among other information, the Board obtained and reviewed the following:

• Information regarding the advisory services provided by the Adviser to each Fund;

• Information regarding the professional qualifications of the Adviser’s management team and those employees primarily responsible for providing services to the Funds;

• Information regarding each Fund’s contractual advisory fee rate for the prior fiscal year;

• Information regarding advisory fees earned and waivers made by the Adviser in connection with providing services to each Fund for the two prior fiscal years and fiscal year to date or since inception, if shorter;

• Information regarding the services provided by and the fees paid to the Adviser under the Management Services Agreement for the prior year as separate and distinct from the fees paid and the services provided under the Agreement;

• Fund performance information, including in terms of tracking error relative to the underlying index on a statistical and model basis;

• Comparative industry fee data, including peer group comparisons;

• Information regarding the costs investors would incur if they sought to implement independently the Funds’ strategies within their personal portfolios;

• The Adviser’s Form ADV; and

• Information regarding the consolidated financial condition and profitability of the Adviser, including how economies of scale are shared with the Funds through reimbursements and waivers, including breakpoints.

The Board considered that they had also received information relevant to their annual review of the Agreement since each Fund’s inception and, most recently, throughout the past year at executive sessions and regular Board meetings in connection with their routine oversight of the Funds. In this regard, the Trustees noted that they receive at least quarterly reports on the Funds’ performance and including information bearing on the Adviser’s and Funds’ regulatory compliance. In addition, the Board received a memorandum from counsel regarding its responsibilities with respect to the approval of the Agreement and participated in a question-and-answer-session with representatives of the Adviser. The Board carefully evaluated the relevant information, and the Independent Trustees were advised by independent legal counsel with respect to their deliberations.

For each Fund, the Board considered, among other matters, the following factors to the extent applicable: (1) the nature, extent, and quality of the services provided by the Adviser; (2) the investment performance; (3) the profitability of the Fund and the advisory business to the Adviser; (4) the extent to which economies of scale might be realized as the

44

BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)(Continued)

Fund grows and to which the advisory fee rate reflects any economies of scale for the benefit of the Fund’s shareholders; (5) how the Agreement compares in terms of services and fees with contracts entered into by the Adviser’s competitors with Peer Funds (as defined below); and (6) other benefits derived or anticipated to be derived by the Adviser from its relationship with the Fund. The Board did not identify any particular information that was determinative to its approval of the Agreement, and each Trustee may have afforded different weight to different factors.

Nature, Extent and Quality of Services Provided. The Board reviewed, among other matters, the Adviser’s business, assets under management, financial resources and capitalization, quality and quantity of personnel, investment and related experience, the variety and complexity of its investment strategies, brokerage practices, the adequacy of its risk and compliance systems and processes, and its reinvestment in each of these areas of the business. The Board reviewed the scope of services provided, and to be provided, by the Adviser under the Agreement and noted there would be no significant differences between the scope of services provided by the Adviser in the past year and those to be provided in the upcoming year. The Board considered the Adviser’s representation to the Board that it would continue to provide services that are of materially the same quality as the services that have been provided to the Funds in the past, and it considered whether those services remain appropriate in scope and extent in light of the Funds’ operations and the competitive and regulatory landscape.

The Board focused on the quality of the Adviser’s personnel, operations, systems and processes required to manage the Funds effectively, noting that such personnel, systems and processes have been consistently enhanced over time and may not be present at other investment advisers. The Board considered, as applicable: (1) the Adviser’s success in achieving each Fund’s investment objective; (2) differences between managing leveraged and non-leveraged portfolios, which include developing index optimization, representative sampling and tax-conscious investment strategies as well as specialized agreements and skills for trading and monitoring complex financial instruments; (3) information regarding the Adviser’s management, including risk management, of derivatives trading activities on behalf of the Funds, including the selection of swap counterparties and the negotiation of favorable swap contract terms; (4) the Adviser’s ability to manage the Funds in a tax efficient manner; (4) the Adviser’s adherence to its and the Funds’ compliance policies and procedures; and (6) the size, professional experience and skills of the Adviser’s portfolio management staff and the Adviser’s ability to recruit, train and retain personnel with the relevant experience and expertise necessary to manage the Funds. The Board considered that the Adviser oversees all aspects of the operation of the Funds.

Comparison of Advisory Services and Fees. The Board considered the fairness and reasonableness of the investment advisory fee rate payable to the Adviser by each Fund in light of the investment advisory services provided by the Adviser. The Board further considered the fairness and reasonableness of the investment advisory fee rate payable to the Adviser by each Fund in light of fee rates paid by other investment companies offering strategies similar in nature to the Fund. In this regard, the Board reviewed information prepared by the Adviser, using data provided by Morningstar, Inc., to compare the Funds’ advisory fee rates and gross and net expense ratios with those of other exchange-traded funds (“ETFs”) that have a similar asset size, investment objective and, if applicable, industry focus (“Peer Group”). The Board noted that in past years an independent consultant (the “Consultant”) had reviewed the Adviser’s Peer Group selection methodology and each Fund’s resulting Peer Group and determined that the methodology was reasonable, well-documented, transparent, repeatable and well within industry standards. The Board noted the historic difficulty in compiling a broad and diverse Peer Group because, by design, each Fund is unique and, therefore, few (if any) fund complexes have funds with substantially similar investment objectives and operations.

The Board noted that the comparison reports included the contractual advisory fee rate and the net and gross expense ratios for each Fund and each fund in its Peer Group (“Peer Funds”). The Board considered that the Adviser had agreed to limit the total expenses of the Funds (subject to certain exclusions) for the next year by contractually agreeing to pay certain expenses of the Funds under a separate Operating Services Agreement.

Performance of the Funds. In evaluating the performance of the Funds, the Board considered the extent to which the Funds tracked their underlying index. To evaluate the Funds’ tracking of their underlying indices, the Trustees reviewed two measured of tracking error – namely, the correlation of each Fund’s returns to model returns for the periods ending June 30, 2024 and June 30, 2023 or since inception if a Fund did not have two full years of operations (“Tracking Difference”), and the standard deviation of daily Tracking Differences (“Statistical Tracking Error”). They also reviewed a tracking analysis provided by the Adviser. The Board also considered the total return of each Fund for the one-year period ended June 30, 2024, or since inception, if shorter. The Board considered reports provided to it in anticipation of the August 8 executive session and the August 22 executive session and meeting, as well as performance reports provided at regular Board meetings throughout the year. The Board noted that each Fund’s Tracking Difference

45

BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)(Continued)

was generally within expected ranges, particularly in light of higher interest rates, which contributed to larger Tracking Differences. The Board considered that, given the investment objectives of the Funds, the correlation of each such Fund’s performance with the model performance and/or Statistical Tracking Error may be regarded as more meaningful indicia of the quality of the Adviser’s management services than a Fund’s total return.

Costs of Services Provided to the Funds and Profits Realized by the Adviser. The Board reviewed information regarding the profitability of the Funds to the Adviser based on the fee rates payable under the Agreement. The Board considered the profitability of each Fund to the Adviser and the overall profitability of the Funds to the Adviser, as reflected in the Adviser’s profitability analysis. In reviewing these materials, the Board considered information provided by the Adviser concerning the methodology it used to allocate various expenses. The Board considered that the Consultant previously had reviewed the profitability information provided by the Adviser and concluded that the Adviser’s methodology for assessing and presenting its profitability annually is transparent and consistent year to year. The Board considered that the Consultant had characterized the materials requested by and provided to the Board as extensive, thoughtful and robust, and providing a reasonable basis for the Board’s deliberations. Against this background, the Board considered that, for the 2024 contract review process, the materials presented by the Adviser to the Board, including the Adviser’s methodology and presentation of profitability, were consistent with the materials evaluated by the Consultant.

In order to assess the reasonableness of the profitability of each Fund and the ETF Trust to the Adviser, the Board also considered significant drivers of cost for the Adviser, including, but not limited to, its acceptance of entrepreneurial risk; its expenditure of intellectual capital; its dedication of personnel resources to portfolio management activities, such as creation and redemption activity; regulatory compliance; and risk mitigation. The Board also reviewed a report provided by the Adviser on the profitability of publicly-held financial services firms with material asset management businesses. In weighing this information, which was compiled by the Adviser using SEC filings and other publicly available documents, the Board considered that, according to the Consultant, the profitability of closely held advisers, such as the Adviser, can vary significantly from the profitability of diversified financial services companies, such as those included in the Adviser’s materials for several reasons. For example, to the extent such information is even available, it is often affected by numerous factors, including the nature of a firm’s investor and fund shareholder base, the structure of the adviser and its tax status, the types of funds it manages, its business mix, assumptions regarding allocations and the reporting of operating profits and net income (net rather than gross of distribution and marketing expenses). For these reasons, the Board recognized that it is difficult to assess the reasonableness of the Adviser’s profitability by comparing it to the profitability of publicly reporting investment advisory firms. Further, the Board considered that the assets under management (“AUM”) in the Funds and the Adviser’s annual profitability may be more variable than the AUM and profitability of other advisers given the tactical nature of the strategies pursued by most of the Funds and that other advisers may have more diversified financial services business lines.

Economies of Scale. The Board considered the Adviser’s advisory fee schedule for each Fund as set forth in the Agreement. The Board considered the asset levels of the Funds and the fact that the size of the Funds is relatively low and assets may fluctuate significantly, and that these facts make economies of scale elusive. The Board considered that a report that examined the Adviser’s approach to sharing economies of scale with the Funds had previously been provided by the Consultant and that the report indicated that breakpoints are not ubiquitous in the fund industry, particularly among ETFs. The Board further considered that, according to the report, many funds (including ETFs) that do have breakpoints in their advisory fee schedules do not achieve sufficient asset levels for the breakpoints to actually reduce the advisory fees charged.

Other Benefits. The Board considered indirect and “fall-out” benefits that the Adviser or its affiliates may derive from their relationship to the Funds. In this regard, the Board noted that the Funds pay a fee to the Adviser under the Management Services Agreement and such payment is a fall-out benefit. Another benefit to the Adviser of the Funds is the Adviser’s ability to leverage its investment management personnel or infrastructure to manage other accounts.

Conclusion. Based on, but not limited to, the above considerations, the Board, including the Independent Trustees, determined that the Agreement for the Funds was fair and reasonable in light of the nature, extent and quality of the services to be performed, the fee rates to be paid, the Adviser’s expenses and profitability, the ability of various Funds to share in potential economies of scale, and such other matters as the Board considered relevant in the exercise of its business judgment. Accordingly, the Board concluded that the continuation of the Agreement was in the best interests of the Funds and their shareholders. On this basis, the Board voted in favor of the renewal of the Agreement with respect to each Fund.

46

BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)(Continued)

Investment Advisory and Subadvisory Agreements Approvals

Consistent with the Investment Company Act of 1940, as amended (the “1940 Act”), the Board of Trustees (the “Board”) of the Direxion Shares ETF Trust (the “ ETF Trust”) annually considers the renewal of the Investment Advisory Agreement (the “Advisory Agreement”) between Rafferty Asset Management, LLC (the “Adviser”) and the Trust and the Subadvisory Agreement between the Adviser and Howard Capital Management, Inc. (the “Subadviser”) (the “Subadvisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) on behalf of the Direxion HCM Tactical Enhanced US ETF (the “Fund”), a series of the Trust.

At a meeting held on August 22, 2024, the Board, including those members of the Board (“Trustees”) who are not “interested persons” of the ETF Trust, as defined in the 1940 Act (the “Independent Trustees”), approved the renewal of the Advisory Agreement between the ETF Trust and the Adviser and the Subadvisory Agreement between the Adviser and Subadviser, on behalf of the Fund. The Independent Trustees had previously considered information pertaining to the renewal of the Agreements outside the presence of representatives of the Adviser, Subadviser and Fund management in executive sessions held on August 8, 2024 and August 22, 2024. The Board, including the Independent Trustees, determined that the terms of the Agreements for the Fund were fair and reasonable and that the renewal of the Agreements would be in the best interests of the Fund’s shareholders.

In considering whether to renew the Agreements, the Board requested, and the Adviser and Subadviser provided, information that the Board, Adviser, and Subadviser reasonably believed to be necessary to evaluate the Agreements. Among other information, the Board obtained and reviewed the following:

• Information regarding the advisory services provided by the Adviser and Subadviser to the Fund;

• The Fund’s investment objective, which requires rebalancing the Fund’s net assets as frequently as daily and utilizing complex financial instruments that are not typical of traditional index-tracking exchange-traded funds (“ETFs”);

• The level of attention and services required by the Adviser and Subadviser due to the investment objective and principal investment strategies, which can result in frequent and large trading activity on behalf of the Fund;

• Information about the professional qualifications of the Adviser’s and Subadviser’s management team and of those employees primarily responsible for providing investment advisory services to the Fund;

• Information regarding the Fund’s contractual advisory fee rate for the prior year, including the contractual fee cap imposed under the Operating Expense Limitation Agreement;

• Information regarding advisory fees earned and waivers made by the Adviser in connection with providing services to the Fund for the two prior fiscal years and fiscal year to date or since inception, if shorter;

• Information regarding the services provided by and the fees paid to the Adviser under the Management Services Agreement for the prior year as separate and distinct from the fees paid and the services provided under the Advisory Agreement;

• Fund performance information, including relative to a benchmark index;

• Industry fee and performance data, including for a comparable group of funds having a similar asset size, investment objective and principal strategy (“Peer Group,” and each such fund a “Peer Fund”);

• The Adviser’s and Subadviser’s Form ADVs;

• Information regarding the consolidated financial condition and profitability of both the Adviser and Subadviser;

• Assessments from prior years by an independent consultant (the “Consultant”) of the appropriateness of the Adviser’s methodology for calculating profitability and presenting profitability metrics, and considerations related to the evaluation of industry profit margins; and

• Information regarding how the Adviser monitors the Subadviser’s and Fund’s compliance with regulatory requirements and ETF Trust policies and procedures.

The Board considered that it had also received information relevant to its consideration since the Fund’s inception and, most recently, throughout the past year at executive sessions and regular Board meetings in connection with its

47

BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)(Continued)

routine oversight of the Fund. In this regard, the Trustees noted that they receive at least quarterly reports on the Fund’s performance and information bearing on the Adviser’s, Subadviser’s and Fund’s regulatory compliance. The Board received a memorandum from counsel regarding the responsibilities of the Board with respect to the approval of the Agreements and participated in a question-and-answer session with representatives of the Adviser. The Board considered the Subadviser’s annual presentation to the Board, at which the Trustees meet with the Subadviser’s principal and portfolio manager. The Board carefully evaluated the relevant information, and the Independent Trustees were advised by independent legal counsel with respect to their deliberations.

The Board considered, among others, the following factors to the extent applicable: (1) the nature, extent, and quality of the services provided by the Adviser and Subadviser; (2) the investment performance of the Fund; (3) the profitability of the advisory business to the Adviser, and the profitability of the Fund to the Subadviser; (4) the extent to which economies of scale might be realized as the Fund grows and to which the advisory and subadvisory fee rates reflect these economies of scale for the benefit of the Fund’s shareholders; (5) how the Agreements compare in terms of services and fees with contracts entered into by the Adviser’s competitors with Peer Funds (as defined below), and by the Subadviser with other clients (such as other institutional investors), if any; and (6) other benefits derived or anticipated to be derived and identified by each of the Adviser and Subadviser from its relationship with the Fund. The Board did not identify any particular information that was determinative to its approval of the Agreements, and each Trustee may have afforded different weight to the various factors.

Nature, Extent and Quality of Services Provided. The Board reviewed, among other things, the Adviser’s and the Subadviser’s business, assets under management, financial resources and capitalization. The Board also considered the experience, quality and quantity of personnel, the complexity of the Fund’s investment strategy, relevant brokerage practices, and the adequacy of the Adviser’s and Subadviser’s risk and compliance systems and processes, noting the enhancements consistently made to the Adviser’s systems and processes over time.

The Board reviewed the scope of services provided by the Adviser and Subadviser under the Agreements and noted that there would be no significant differences between the scope of services provided by the Adviser and the Subadviser in the past year and those to be provided in the upcoming year. The Board also considered the Adviser’s and Subadviser’s representations that they would continue to provide services that are of materially the same quality as the services that have been provided to the Fund in the past. The Board considered whether those services remain appropriate in scope and extent in light of the Fund’s operations and the competitive and regulatory landscape.

In reviewing the quality of the Adviser’s and Subadviser’s services, the Board considered: (1) the Adviser’s and Subadviser’s success in achieving the Fund’s investment objective; (2) information regarding the Adviser’s management, including risk management, of securities and derivatives trading activities on behalf of the Fund, including the selection of swap counterparties and the negotiation of favorable swap contract terms; (3) the Adviser’s ability to manage the Fund in a tax efficient manner; (4) the Adviser’s and Subadviser’s adherence to their respective compliance policies and procedures and to the Fund’s compliance policies and procedures; (5) the size and experience of the compliance and portfolio management staff of the Adviser and Subadviser; (6) the portfolio managers’ credentials and expertise specific to the Fund’s investment objective and strategies; and (7) the Adviser’s and Subadviser’s ability to recruit, train and retain personnel with the relevant experience to manage the Fund.

In considering the nature, extent and quality of the services to be provided under the Subadvisory Agreement by the Subadviser, the Board noted that such services include, but are not limited to, the following: (1) providing the Adviser with the relevant trading signals consistent with the Fund’s investment strategy; (2) adhering to the Fund’s compliance policies and procedures; and (3) maintaining the required books and records related to the Fund.

The Board considered that the Adviser oversees the operation of the Fund, including the Subadviser. With regard to compliance services in particular, the Board noted that it annually considers each of the Adviser’s and Subadviser’s compliance programs as it pertains to the Fund. In addition, the Board noted that the Adviser conducts quarterly compliance reviews of the Subadviser, has frequent contact with the Subadviser, and monitors daily the Fund’s holdings.

Comparison of Advisory Services and Fees. The Board considered the fairness and reasonableness of the investment advisory fee rate payable to the Adviser by the Fund and the subadvisory fee rate payable to the Subadviser by the Adviser in light of the investment advisory services provided by them. The Board reviewed information prepared by the Adviser, using data provided by Morningstar, Inc., to compare the Fund’s gross and net advisory fees, expense cap, and gross and net expense ratios with those of Peer Funds. The Board considered that in past years the Consultant

48

BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)(Continued)

had reviewed the Adviser’s Peer Group selection methodology and the Fund’s resulting Peer Group, and determined that the methodology was reasonable, well-documented, transparent, repeatable and well within industry standards. The Board also considered that the Adviser had agreed to limit the total expenses of the Fund (subject to certain exclusions) for the next year by contractually agreeing to cap certain expenses of the Fund under an Operating Expense Limitation Agreement, and that currently the Fund was operating above the expense cap and realizing the benefit of waivers and/or reimbursements by the Adviser. Additionally, the Board considered that the Subadviser had agreed to breakpoints in its subadvisory fee rate schedule at various average daily net asset levels for the Fund under the Subadvisory Agreement.

Performance of the Fund. The Board considered the performance information for the Fund and compared it to the returns of funds included in the Peer Group. The Board considered performance reports received in anticipation of the meeting, as well as performance reports provided at regular Board meetings throughout the year. The Board evaluated the performance of the Fund relative to: (1) returns of its benchmark index for the year-to-date, one-year and since inception periods ended June 30, 2024; and (2) returns of the Peer Group for the year-to-date, one-year and since inception periods ended June 30, 2024. The Board noted the Fund’s outperformance relative to the benchmark for the one-year and since inception periods, but also noted some short-term underperformance relative to the several of the Funds in the Peer Group. The Board noted that several of the Funds in the Peer Group were used to evaluate both performance and the advisory fees paid by the Fund.

Costs of Services Provided to the Fund and Profits Realized by the Adviser and Subadviser. The Board reviewed information about the profitability of the Fund to the Adviser and Subadviser based on the fee rates payable under the Agreements. The Board considered information regarding the Adviser’s and Subadviser’s profit margins as reflected in profitability analyses, as well as information provided by the Adviser concerning the methodology used to allocate various expenses. The Board considered that the Consultant had previously reviewed the profitability information provided by the Adviser and concluded that the Adviser’s methodology for assessing and presenting profitability annually is transparent and consistent year to year. The Board considered that the Consultant had characterized the materials requested by and provided to the Board as extensive, thoughtful and robust, and providing a reasonable basis for the Board’s deliberations. Against this background, the Board considered that, for the 2024 contract review process, the materials presented by the Adviser to the Board, including the Adviser’s methodology and presentation of profitability, were consistent with the materials evaluated by the Consultant.

In order to assess the reasonableness of the profitability of the Fund to the Adviser, the Board considered the significant drivers of cost for the Adviser including, but not limited to, intellectual capital, regulatory compliance, and entrepreneurial risk. The Board considered a report provided by the Adviser on the profitability of publicly-held financial services firms with material asset management businesses. In weighing this information, which was compiled by the Adviser using SEC filings and other publicly available documents, the Board considered that, according to the Consultant, the profitability of closely held advisers, such as the Adviser, can vary significantly from the profitability of diversified financial services companies, such as those included in the Adviser’s materials, because many such firms are closely held and do not make such information publicly available. To the extent such information is available for publicly held investment advisers by virtue of their being required to disclose it in various SEC filings, the Board recognized that such reported information is affected by numerous factors that may be unique to the reporting adviser, including the nature of a reporting party’s investor and shareholder base, the structure of the particular adviser, the types of funds it manages, its business mix, assumptions regarding allocations and the reporting of operating profits and net income (net rather than gross income) net of distribution and marketing expenses. For these reasons, the Board recognized that it is difficult to assess the reasonableness of the Subadviser’s and Adviser’s profitability by comparing each to the profitability of publicly reporting investment advisory firms.

Economies of Scale. The Board considered the Adviser’s advisory fee schedule for the Fund as set forth in the Advisory Agreement, and the Subadvisory’s subadvisory fee schedule for the Fund as set forth in the Subadvisory Agreement. The Board noted the absence of breakpoints in the Advisory Agreement fee schedule, but recognized the inclusion of breakpoints in the Subadviser’s subadvisory fee schedule. The Board considered the extent to which economies of scale or other efficiencies may result from increases in the Fund’s net assets and be shared with Fund shareholders. The Board considered a report previously provided by the Consultant indicating that breakpoints are not common in the ETF industry and that many funds (including ETFs) that do have breakpoints in their advisory fee schedules do not achieve sufficient asset levels for the breakpoints to actually reduce the advisory fee rates. In light of the relatively small size of the Fund, the Board considered management’s representation that the Fund has not yet

49

BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)(Continued)

achieved a sufficient asset level to realize an economy of scale. The Board concluded that it would be appropriate to continue to monitor fees and expenses as the Fund grows in size and assess whether fee breakpoints in the Advisory Agreement fee schedule may be warranted.

Other Benefits. The Board considered any indirect or “fall-out” benefits that the Adviser or its affiliates may derive from their relationship to the Fund. In this regard, the Board noted that the Fund pays a fee to the Adviser under the Management Services Agreement and such payment is a fall-out benefit. Other benefits to the Adviser include that the Adviser’ may leverage its personnel and infrastructure to manage other accounts and may leverage its relationships in the financial services industry, which are a function of its activities on behalf of the Fund, to build relationships in the industry for itself and its affiliates, which may benefit business lines that are not related to the Fund. In addition, the Board considered that the Subadviser benefits from increased recognition in the marketplace due to the co-branded Fund and may also build relationships in the industry for itself and its affiliates, which may benefit business lines that are not related to the Fund.

Conclusion. Based on, but not limited to, the above considerations, the Board, including the Independent Trustees, determined that the Agreements for the Fund were fair and reasonable in light of the nature, extent and quality of the services to be performed, the fee rate to be paid, the Adviser’s and Subadviser’s expenses and profitability, and such other matters as the Board considered relevant in the exercise of its business judgment. Accordingly, the Board concluded that the continuation of the Agreements was in the best interests of the Fund and its shareholders. On this basis, the Board voted in favor of the renewal of the Agreements.

50

SUPPLEMENTAL INFORMATION (Unaudited)

Federal Tax Status of Dividends Declared during the Tax Year

For Federal income tax purposes, dividends from short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction (“DRD”), the individual qualified dividend rate (“QDI”), the qualified interest income rate (“QII”), and the qualified short-term gain rate (“QSTG”) is presented below.

Funds			DRD			QDI			QII			QSTG
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			0.00%			0.00%			0.00%			0.00%
Direxion HCM Tactical Enhanced ETF			​16.64%			​16.64%			0.00%			0.00%
Direxion NASDAQ-100® Equal Weighted Index Shares			​100.00%			​100.00%			0.00%			0.00%
Direxion Work From Home ETF			​90.23%			​90.23%			0.00%			0.00%

The Funds are designating as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2024. To the extent necessary to fully distribute such capital gain, the Funds also designate earnings and profits distributed to shareholders on the redemption of shares.

51

 

Table of Contents

			Page
Schedules of Investments			1
Statements of Assets and Liabilities			77
Statements of Operations			90
Statements of Changes in Net Assets			103
Financial Highlights			126
Notes to the Financial Statements			134
Report of Independent Registered Public Accounting Firm			178
Basis for Approval of Investment Advisory Agreement (Unaudited)			182
Supplemental Information (Unaudited)			188

Direxion Daily S&P 500^® Bear 1X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 107.9%
			Money Market Funds — 107.9%
141,757,974			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$141,757,974
17,257,652			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			17,257,652
			TOTAL SHORT TERM INVESTMENTS (Cost $159,015,626)(b)			$159,015,626
			TOTAL INVESTMENTS (Cost $159,015,626) — 107.9%			$159,015,626
			Liabilities in Excess of Other Assets — (7.9)%			(11,707,717)
			TOTAL NET ASSETS — 100.0%			$147,307,909

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $35,378,651.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

5.2200% representing 1 month SOFR rate + spread

Total return of S&P 500® Index

UBS Securities LLC

12/17/2024

11,364

$54,439,790

$(8,551,167)

5.3900% representing 1 month SOFR rate + spread

Total return of S&P 500® Index

Barclays

12/23/2024

14,455

82,919,394

756,589

$ 137,359,184

$(7,794,578)

The accompanying notes are an integral part of these financial statements.

1

Direxion Daily AAPL Bear 1X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 100.1%
			Money Market Funds — 100.1%
17,517,562			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$ 17,517,562
1,542,857			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			1,542,857
190,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			190,000
6,282,465			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			6,282,465
			TOTAL SHORT TERM INVESTMENTS (Cost $25,532,884)(b)			$25,532,884
			TOTAL INVESTMENTS (Cost $25,532,884) — 100.1%			$ 25,532,884
			Liabilities in Excess of Other Assets — (0.1)%			(34,986)
			TOTAL NET ASSETS — 100.0%			$25,497,898

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $9,392,434.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

3.3200% representing 1 month SOFR rate + spread

Total return of common shares of Apple, Inc.

BNP Paribas

12/4/2024

11,077

$2,495,917

$8,253

4.8200% representing 1 month SOFR rate + spread

Total return of common shares of Apple, Inc.

Goldman Sachs

12/10/2024

18,099

3,904,082

(115,066)

3.3200% representing 1 month SOFR rate + spread

Total return of common shares of Apple, Inc.

Bank of America Merrill Lynch

12/11/2024

41,461

9,262,214

(69,687)

2.8200% representing 1 month SOFR rate + spread

Total return of common shares of Apple, Inc.

Citibank N.A.

12/19/2024

39,508

8,921,512

43,873

5.3200% representing 1 month SOFR rate + spread

Total return of common shares of Apple, Inc.

Barclays

12/23/2024

2,723

624,320

10,777

$ 25,208,045

$(121,850)

The accompanying notes are an integral part of these financial statements.

2

Direxion Daily AMZN Bear 1X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 99.6%
			Money Market Funds — 99.6%
2,586,074			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$2,586,074
1,533,218			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			1,533,218
			TOTAL SHORT TERM INVESTMENTS (Cost $4,119,292)(b)			$4,119,292
			TOTAL INVESTMENTS (Cost $4,119,292) — 99.6%			$4,119,292
			Other Assets in Excess of Liabilities — 0.4%			17,224
			TOTAL NET ASSETS — 100.0%			$4,136,516

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,533,218.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

4.8200% representing 1 month SOFR rate + spread

Total return of common shares of Amazon.com, Inc.

Goldman Sachs

12/10/2024

1

$199

$15

3.3200% representing 1 month SOFR rate + spread

Total return of common shares of Amazon.com, Inc.

Bank of America Merrill Lynch

12/11/2024

2,072

378,476

(6,815)

2.8200% representing 1 month SOFR rate + spread

Total return of common shares of Amazon.com, Inc.

Citibank N.A.

12/19/2024

20,119

3,755,963

17,411

$ 4,134,638

$10,611

The accompanying notes are an integral part of these financial statements.

3

Direxion Daily AVGO Bear 1X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 91.7%
			Money Market Funds — 91.7%
1,844,142			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$1,844,142
250,000			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			250,000
280,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			280,000
130,000			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			130,000
			TOTAL SHORT TERM INVESTMENTS (Cost $2,504,142)(b)			$2,504,142
			TOTAL INVESTMENTS (Cost $2,504,142) — 91.7%			$2,504,142
			Other Assets in Excess of Liabilities — 8.3%			227,604
			TOTAL NET ASSETS — 100.0%			$2,731,746

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $660,000.

SHORT Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid/(Received) at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

6.3200% representing 1 month SOFR rate + spread

Total return of common shares of Broadcom Inc.

Barclays

12/23/2024

6,258

$1,149,810

$91,480

2.8200% representing 1 month SOFR rate + spread

Total return of common shares of Broadcom Inc.

Citibank N.A.

10/8/2025

2,862

532,190

47,229

4.8200% representing 1 month SOFR rate + spread

Total return of common shares of Broadcom Inc.

Goldman Sachs

11/12/2025

5,234

932,751

45,645

3.3200% representing 1 month SOFR rate + spread

Total return of common shares of Broadcom Inc.

Bank of America Merrill Lynch

11/24/2025

1,737

322,995

20,333

$ 2,937,746

$204,687

The accompanying notes are an integral part of these financial statements.

4

Direxion Daily GOOGL Bear 1X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 107.8%
			Money Market Funds — 107.8%
12,603,578			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$2,603,578
509,307			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			509,307
1,323,844			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			1,323,844
			TOTAL SHORT TERM INVESTMENTS (Cost $4,436,729)(b)			$4,436,729
			TOTAL INVESTMENTS (Cost $4,436,729) — 107.8%			$4,436,729
			Liabilities in Excess of Other Assets — (7.8)%			(320,494)
			TOTAL NET ASSETS — 100.0%			$4,116,235

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,833,151.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

4.8200% representing 1 month SOFR rate + spread

Total return of common shares of Alphabet, Inc.

Goldman Sachs

12/10/2024

6,068

$1,120,555

$98,946

3.3200% representing 1 month SOFR rate + spread

Total return of common shares of Alphabet, Inc.

Bank of America Merrill Lynch

12/11/2024

7,832

1,269,914

(57,260)

2.8200% representing 1 month SOFR rate + spread

Total return of common shares of Alphabet, Inc.

Citibank N.A.

12/19/2024

10,156

1,614,100

(117,066)

$ 4,004,569

$(75,380)

The accompanying notes are an integral part of these financial statements.

5

Direxion Daily META Bear 1X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 102.9%
			Money Market Funds — 102.9%
4,137,858			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$4,137,858
540,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			540,000
1,699,402			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			1,699,402
			TOTAL SHORT TERM INVESTMENTS (Cost $6,377,260)(b)			$6,377,260
			TOTAL INVESTMENTS (Cost $6,377,260) — 102.9%			$6,377,260
			Liabilities in Excess of Other Assets — (2.9)%			(179,362)
			TOTAL NET ASSETS — 100.0%			$6,197,898

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,239,402.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

3.3200% representing 1 month SOFR rate + spread

Total return of common shares of Meta Platforms, Inc.

Bank of America Merrill Lynch

12/11/2024

5,108

$2,749,232

$(134,230)

5.5700% representing 1 month SOFR rate + spread

Total return of common shares of Meta Platforms, Inc.

Barclays

12/23/2024

2,880

1,486,763

(119,906)

2.8200% representing 1 month SOFR rate + spread

Total return of common shares of Meta Platforms, Inc.

Citibank N.A.

9/25/2025

2,932

1,712,254

50,558

$ 5,948,249

$(203,578)

The accompanying notes are an integral part of these financial statements.

6

Direxion Daily MSFT Bear 1X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 96.0%
			Money Market Funds — 96.0%
5,082,982			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$5,082,982
291,677			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			291,677
2,192,908			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			2,192,908
			TOTAL SHORT TERM INVESTMENTS (Cost $7,567,567)(b)			$7,567,567
			TOTAL INVESTMENTS (Cost $7,567,567) — 96.0%			$7,567,567
			Other Assets in Excess of Liabilities — 4.0%			315,257
			TOTAL NET ASSETS — 100.0%			$7,882,824

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,484,585.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

4.8200% representing 1 month SOFR rate + spread

Total return of common shares of Microsoft Corp.

Goldman Sachs

12/10/2024

2,287

$988,236

$81,320

3.3200% representing 1 month SOFR rate + spread

Total return of common shares of Microsoft Corp.

Bank of America Merrill Lynch

12/11/2024

2,459

1,038,741

56,756

2.8200% representing 1 month SOFR rate + spread

Total return of common shares of Microsoft Corp.

Citi bank N.A.

12/19/2024

14,653

6,298,007

365,317

$ 8,324,984

$503,393

The accompanying notes are an integral part of these financial statements.

7

Direxion Daily MU Bear 1X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 96.6%
			Money Market Funds — 96.6%
2,209,027			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$2,209,027
240,000			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			240,000
			TOTAL SHORT TERM INVESTMENTS (Cost $2,449,027)(b)			$2,449,027
			TOTAL INVESTMENTS (Cost $2,449,027) — 96.6%			$2,449,027
			Other Assets in Excess of Liabilities — 3.4%			85,558
			TOTAL NET ASSETS — 100.0%			$2,534,585

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $240,000.

SHORT Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

6.3200% representing 1 month SOFR rate + spread

Total return of Common shares of Micron Technology, Inc.

Barclays

12/23/2024

8,935

$931,618

$42,526

2.8200% representing 1 month SOFR rate + spread

Total return of Common shares of Micron Technology, Inc.

Citibank N.A.

10/8/2025

5,500

559,350

12,244

4.8200% representing 1 month SOFR rate + spread

Total return of Common shares of Micron Technology, Inc.

Goldman Sachs

11/12/2025

5,500

559,350

12,927

3.3200% representing 1 month SOFR rate + spread

Total return of Common shares of Micron Technology, Inc.

Bank of America Merrill Lynch

11/24/2025

5,500

559,350

12,415

$ 2,609,668

$80,112

The accompanying notes are an integral part of these financial statements.

8

Direxion Daily NFLX Bear 1X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 102.1%
			Money Market Funds — 102.1%
3,000,613			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$3,000,613
480,000			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			480,000
310,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			310,000
962,377			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			962,377
			TOTAL SHORT TERM INVESTMENTS (Cost $4,752,990)(b)			$4,752,990
			TOTAL INVESTMENTS (Cost $4,752,990) — 102.1%			$4,752,990
			Liabilities in Excess of Other Assets — (2.1)%			(95,659)
			TOTAL NET ASSETS — 100.0%			$4,657,331

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,752,377.

SHORT Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid/(Received) at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized (Depreciation)

6.3200% representing 1 month SOFR rate + spread

Total return of Common shares of Netflix, Inc.

Barclays

12/23/2024

1,276

$949,755

$(11,760)

2.8200% representing 1 month SOFR rate + spread

Total return of Common shares of Netflix, Inc.

Citibank N.A.

10/6/2025

2,194

1,623,383

(33,327)

4.8200% representing 1 month SOFR rate + spread

Total return of Common shares of Netflix, Inc.

Goldman Sachs

11/4/2025

1,395

999,168

(52,127)

3.3200% representing 1 month SOFR rate + spread

Total return of Common shares of Netflix, Inc.

Bank of America Merrill Lynch

11/24/2025

1,295

963,376

(13,739)

$ 4,535,682

$(110,953)

The accompanying notes are an integral part of these financial statements.

9

Direxion Daily NVDA Bear 1X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 100.3%
			Money Market Funds — 100.3%
20,172,635			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$20,172,635
4,867,258			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			4,867,258
1,620,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			1,620,000
3,075,484			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			3,075,484
			TOTAL SHORT TERM INVESTMENTS (Cost $29,735,377)(b)			$29,735,377
			TOTAL INVESTMENTS (Cost $29,735,377) — 100.3%			$29,735,377
			Liabilities in Excess of Other Assets — (0.3)%			(76,274)
			TOTAL NET ASSETS — 100.0%			$29,659,103

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $13,328,700.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

3.3200% representing 1 month SOFR rate + spread

Total return of common shares of NVIDIACorp.

BNP Paribas

12/5/2024

79,002

$10,763,187

$283,058

4.8200% representing 1 month SOFR rate + spread

Total return of common shares of NVIDIACorp.

Goldman Sachs

12/10/2024

71,684

9,307,455

(131,922)

3.3200% representing 1 month SOFR rate + spread

Total return of common shares of NVIDIACorp.

Bank of America Merrill Lynch

12/11/2024

28,868

2,865,691

(936,788)

2.8200% representing 1 month SOFR rate + spread

Total return of common shares of NVIDIACorp.

Citibank N.A.

12/19/2024

16,802

2,215,848

12,020

5.3200% representing 1 month SOFR rate + spread

Total return of common shares of NVIDIACorp.

Barclays

12/23/2024

27,050

3,309,943

(236,845)

$ 28,462,124

$(1,010,477)

The accompanying notes are an integral part of these financial statements.

10

DIREXION DAILY TSLA BEAR 1X SHARES

SCHEDULE OF INVESTMENTS

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 128.1%
			Money Market Funds — 128.1%
34,792,509			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$34,792,509
13,934,366			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			13,934,366
7,651,999			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			7,651,999
			TOTAL SHORT TERM INVESTMENTS (Cost $56,378,874)(b)			$56,378,874
			TOTAL INVESTMENTS (Cost $56,378,874) — 128.1%			$56,378,874
			Liabilities in Excess of Other Assets — (28.1)%			(12,356,942)
			TOTAL NET ASSETS — 100.0%			$44,021,932

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $24,641,392.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

3.3200% representing 1 month SOFR rate + spread

Total return of common shares of Tesla, Inc.

BNP Paribas

12/4/2024

22,342

$5,633,250

$67,049

4.8200% representing 1 month SOFR rate + spread

Total return of common shares of Tesla, Inc.

Goldman Sachs

12/10/2024

82,861

20,651,977

90,497

3.3200% representing 1 month SOFR rate + spread

Total return of common shares of Tesla, Inc.

Bank of America Merrill Lynch

12/11/2024

24,875

6,221,235

125,436

2.8200% representing 1 month SOFR rate + spread

Total return of common shares of Tesla, Inc.

Citibank N.A.

12/19/2024

46,106

10,923,631

(408,620)

$ 43,430,093

$(125,638)

The accompanying notes are an integral part of these financial statements.

11

Direxion Daily TSM Bear 1X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 99.6%
			Money Market Funds — 99.6%
2,727,737			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$2,727,737
870,000			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			870,000
380,000			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			380,000
			TOTAL SHORT TERM INVESTMENTS (Cost $3,977,737)(b)			$3,977,737
			TOTAL INVESTMENTS (Cost $3,977,737) — 99.6%			$3,977,737
			Other Assets in Excess of Liabilities — 0.4%			15,531
			TOTAL NET ASSETS — 100.0%			$3,993,268

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,710,000.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

3.3200% representing 1 month SOFR rate + spread

Total return of common shares of Taiwan Semiconductor Manufacturing Co Ltd

BNP Paribas

12/5/2024

4,323

$791,343

$(31,009)

2.8200% representing 1 month SOFR rate + spread

Total return of common shares of Taiwan Semiconductor Manufacturing Co Ltd

Citibank N.A.

10/6/2025

2,588

480,345

(12,187)

4.8200% representing 1 month SOFR rate + spread

Total return of common shares of Taiwan Semiconductor Manufacturing Co Ltd

Goldman Sachs

11/4/2025

10,047

2,009,051

97,816

3.3200% representing 1 month SOFR rate + spread

Total return of common shares of Taiwan Semiconductor Manufacturing Co Ltd

Bank of America Merrill Lynch

11/24/2025

4,000

712,540

(47,950)

$ 3,993,279

$6,670

The accompanying notes are an integral part of these financial statements.

12

Direxion Daily Crypto Industry Bear 1X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 97.5%
			Money Market Funds — 97.5%
2,015,726			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$2,015,726
470,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			470,000
41,421			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			41,421
			TOTAL SHORT TERM INVESTMENTS (Cost $2,527,147)(b)			$2,527,147
			TOTAL INVESTMENTS (Cost $2,527,147) — 97.5%			$2,527,147
			Other Assets in Excess of Liabilities — 2.5%			65,750
			TOTAL NET ASSETS — 100.0%			$2,592,897

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $511,421.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

5.5200% representing 1 month SOFR rate + spread

Total return of Solactive Distributed Ledger & Decentralized Payment Tech Index

Bank of America Merrill Lynch

12/11/2024

47

$184,164

$2,266

5.1700% representing 1 month SOFR rate + spread

Total return of Solactive Distributed Ledger & Decentralized Payment Tech Index

Barclays

12/23/2024

615

2,521,402

147,093

$ 2,705,566

$149,359

The accompanying notes are an integral part of these financial statements.

13

Direxion Daily Magnificent 7 Bear 1X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 104.1%
			Money Market Funds — 104.1%
1,911,267			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$1,911,267
332,141			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			332,141
309,824			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			309,824
5			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			5
			TOTAL SHORT TERM INVESTMENTS (Cost $2,553,237)(b)			$2,553,237
			TOTAL INVESTMENTS (Cost $2,553,237) — 104.1%			$2,553,237
			Liabilities in Excess of Other Assets — (4.1)%			(100,372)
			TOTAL NET ASSETS — 100.0%			$2,452,865

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $641,971.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Depreciation

5.2700% representing 1 month SOFR rate + spread

Total return of Indxx Magnificent 7 Index

Goldman Sachs

12/10/2024

132

$850,556

$(17,674)

5.4200% representing 1 month SOFR rate + spread

Total return of Indxx Magnificent 7 Index

Barclays

12/23/2024

239

1,481,277

(83,537)

$ 2,331,833

$(101,211)

The accompanying notes are an integral part of these financial statements.

14

Direxion Daily AAPL Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 20.9%
			Computer and Electronic Product Manufacturing — 20.9%
90,640			Apple, Inc.			$20,476,482
			TOTAL COMMON STOCKS (Cost $16,799,215)			$20,476,482
			SHORT TERM INVESTMENTS — 82.4%
29,811,497			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$29,811,497
20,268,387			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			20,268,387
2,770,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			2,770,000
27,957,197			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			27,957,197
			TOTAL SHORT TERM INVESTMENTS (Cost $80,807,081)			$80,807,081
			TOTAL INVESTMENTS (Cost $97,606,296) — 103.3%(b)			$101,283,563
			Liabilities in Excess of Other Assets — (3.3)%			(3,203,416)
			TOTAL NET ASSETS — 100.0%			$98,080,147

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $62,106,901.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of common shares of Apple, Inc.

6.8200% representing 1 month SOFR rate + spread

BNP Paribas

12/04/2024

96,576

$21,804,434

$(195,592)

Total return of common shares of Apple, Inc.

7.8200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

125,309

27,423,150

280,067

Total return of common shares of Apple, Inc.

8.0700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

223,585

46,752,619

2,390,679

Total return of common shares of Apple, Inc.

6.3200% representing 1 month SOFR rate + spread

Barclays

12/23/2024

39,554

8,915,008

(30,466)

Total return of common shares of Apple, Inc.

5.8200% representing 1 month SOFR rate + spread

Goldman Sachs

1/7/2025

292,661

60,625,692

4,079,176

$ 165,520,903

$6,523,864

The accompanying notes are an integral part of these financial statements.

15

Direxion Daily AMZN Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 15.1%
			General Merchandise Retailers — 15.1%
128,536			Amazon.com, Inc.(a)			$23,959,110
			TOTAL COMMON STOCKS (Cost $22,077,775)			$23,959,110
			SHORT TERM INVESTMENTS — 90.8%
26,439,417			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$26,439,417
117,421,591			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			117,421,591
			TOTAL SHORT TERM INVESTMENTS (Cost $143,861,008)			$143,861,008
			TOTAL INVESTMENTS (Cost $165,938,783) — 105.9%(c)			$167,820,118
			Liabilities in Excess of Other Assets — (5.9)%			(9,383,103)
			TOTAL NET ASSETS — 100.0%			$158,437,015

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $118,091,140.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of common shares of Amazon.com, Inc.

7.8200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

762,722

$139,630,662

$(1,654,285)

Total return of common shares of Amazon.com, Inc.

8.5700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

808,707

149,549,168

(1,940,130)

Total return of common shares of Amazon.com, Inc.

6.0700% representing 1 month SOFR rate + spread

Goldman Sachs

5/2/2025

1

162

61

$ 289,179,992

$(3,594,354)

The accompanying notes are an integral part of these financial statements.

16

Direxion Daily AVGO Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 20.3%
			Computer and Electronic Product Manufacturing — 20.3%
4,911			Broadcom Inc.			$833,740
			TOTAL COMMON STOCKS (Cost $892,256)			$833,740
			SHORT TERM INVESTMENTS — 92.4%
1,001,694			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$ 1,001,694
1,160,000			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			1,160,000
330,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			330,000
1,300,848			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			1,300,848
			TOTAL SHORT TERM INVESTMENTS (Cost $3,792,542)			$3,792,542
			TOTAL INVESTMENTS (Cost $4,684,798) — 112.7%(b)			$ 4,626,282
			Liabilities in Excess of Other Assets — (12.7)%			(520,909)
			TOTAL NET ASSETS — 100.0%			$4,105,373

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,790,848.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Depreciation

Total return of common shares of Broadcom Inc.

7.8200% representing 1 month SOFR rate + spread

Barclays

12/23/2024

9,639

$1,744,937

$(115,639)

Total return of common shares of Broadcom Inc.

8.5700% representing 1 month SOFR rate + spread

Citibank N.A.

10/08/2025

11,870

2,153,953

(148,350)

Total return of common shares of Broadcom Inc.

7.3200% representing 1 month SOFR rate + spread

Goldman Sachs

11/12/2025

13,980

2,476,122

(109,134)

Total return of common shares of Broadcom Inc.

7.8200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

11/24/2025

7,965

1,468,089

(121,282)

$ 7,843,101

$(494,405)

The accompanying notes are an integral part of these financial statements.

17

Direxion Daily GOOGL Bull 2X Share

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 10.1%
			Web Search Portals, Libraries, Archives, and Other Information Services — 10.1%
90,942			Alphabet, Inc.			$15,561,086
			TOTAL COMMON STOCKS (Cost $13,037,298)			$15,561,086
			SHORT TERM INVESTMENTS — 90.3%
74,174,203			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$74,174,203
20,270,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			20,270,000
44,502,740			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			44,502,740
			TOTAL SHORT TERM INVESTMENTS (Cost $138,946,943)			$138,946,943
			TOTAL INVESTMENTS (Cost $151,984,241) — 100.4%(b)			$ 154,508,029
			Liabilities in Excess of Other Assets — (0.4)%			(656,599)
			TOTAL NET ASSETS — 100.0%			$153,851,430

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $107,342,740.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of common shares of Alphabet, Inc.

7.8200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

216,103

$36,267,556

$504,087

Total return of common shares of Alphabet, Inc.

7.3200% representing 1 month SOFR rate + spread

Nomura

12/19/2024

610,000

99,958,201

4,196,390

Total return of common shares of Alphabet, Inc.

8.0700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

494,121

75,854,293

6,329,254

Total return of common shares of Alphabet, Inc.

6.3200% representing 1 month SOFR rate + spread

Barclays

12/23/2024

387,114

63,272,765

2,520,817

$ 275,352,815

$13,550,548

The accompanying notes are an integral part of these financial statements.

18

Direxion Daily META Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 8.2%
			Professional, Scientific, and Technical Services — 8.2%
7,592			Meta Platforms, Inc.			$4,309,068
			TOTAL COMMON STOCKS (Cost $4,094,924)			$4,309,068
			SHORT TERM INVESTMENTS — 99.1%
12,603,607			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$ 12,603,607
6,202,309			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			6,202,309
5,382,449			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			5,382,449
28,066,651			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			28,066,651
			TOTAL SHORT TERM INVESTMENTS (Cost $52,255,016)			$52,255,016
			TOTAL INVESTMENTS (Cost $56,349,940) — 107.3%(b)			$ 56,564,084
			Liabilities in Excess of Other Assets — (7.3)%			(3,827,485)
			TOTAL NET ASSETS — 100.0%			$52,736,599

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $39,651,409.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of common shares of Meta Platforms, Inc.

7.8200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

61,456

$34,153,331

$420,107

Total return of common shares of Meta Platforms, Inc.

6.3200% representing 1 month SOFR rate + spread

Barclays

12/23/2024

30,205

14,656,623

2,202,386

Total return of common shares of Meta Platforms, Inc.

7.3200% representing 1 month SOFR rate + spread

Goldman Sachs

7/8/2025

26,125

12,452,076

2,147,665

Total return of common shares of Meta Platforms, Inc.

8.5700% representing 1 month SOFR rate + spread

Citibank N.A.

9/25/2025

60,450

35,285,482

(1,036,905)

$ 96,547,512

$3,733,253

The accompanying notes are an integral part of these financial statements.

19

Direxion Daily MSFT Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 16.7%
			Publishing Industries — 16.7%
65,466			Microsoft Corp.			$26,602,109
			TOTAL COMMON STOCKS (Cost $26,227,445)			$26,602,109
			SHORT TERM INVESTMENTS — 77.4%
37,254,161			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$37,254,161
24,660,270			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			24,660,270
17,930,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			17,930,000
43,521,770			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			43,521,770
			TOTAL SHORT TERM INVESTMENTS (Cost $123,366,201)			$123,366,201
			TOTAL INVESTMENTS (Cost $149,593,646) — 94.1%(b)			$ 149,968,310
			Other Assets in Excess of Liabilities — 5.9%			9,354,088
			TOTAL NET ASSETS — 100.0%			$159,322,398

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $86,112,040.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Depreciation

Total return of common shares of Microsoft Corp.

7.8200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

160,561

$64,017,354

$(622,032)

Total return of common shares of Microsoft Corp.

8.0700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

239,936

99,427,560

(3,566,538)

Total return of common shares of Microsoft Corp.

6.3200% representing 1 month SOFR rate + spread

Barclays

12/23/2024

128,210

55,078,969

(4,772,482)

Total return of common shares of Microsoft Corp.

6.0700% representing 1 month SOFR rate + spread

Goldman Sachs

1/7/2025

190,024

76,990,769

(1,577,915)

$ 295,514,652

$(10,538,967)

The accompanying notes are an integral part of these financial statements.

20

Direxion Daily MU Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 16.7%
			Computer and Electronic Product Manufacturing — 16.7%
8,876			Micron Technology, Inc.			$884,494
			TOTAL COMMON STOCKS (Cost $919,551)			$884,494
			SHORT TERM INVESTMENTS — 94.0%
1,202,131			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$ 1,202,131
1,010,000			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			1,010,000
910,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			910,000
1,855,653			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			1,855,653
			TOTAL SHORT TERM INVESTMENTS (Cost $4,977,784)			$4,977,784
			TOTAL INVESTMENTS (Cost $5,897,335) — 110.7%(b)			$ 5,862,278
			Liabilities in Excess of Other Assets — (10.7)%			(564,477)
			TOTAL NET ASSETS — 100.0%			$5,297,801

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,775,652.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Depreciation

Total return of common shares of Micron Technology, Inc.

7.8200% representing 1 month SOFR rate + spread

Barclays

12/23/2024

28,452

$2,975,483

$(151,049)

Total return of common shares of Micron Technology, Inc.

8.5700% representing 1 month SOFR rate + spread

Citibank N.A.

10/8/2025

23,000

2,407,200

(126,665)

Total return of common shares of Micron Technology, Inc.

8.3200% representing 1 month SOFR rate + spread

Goldman Sachs

11/12/2025

23,000

2,407,199

(126,332)

Total return of common shares of Micron Technology, Inc.

7.8200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

11/24/2025

23,000

2,407,199

(125,667)

$ 10,197,081

$(529,713)

The accompanying notes are an integral part of these financial statements.

21

Direxion Daily NFLX Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 14.5%
			Motion Picture and Sound Recording Industries — 14.5%
1,059			Netflix, Inc.(a)			$800,635
			TOTAL COMMON STOCKS (Cost $763,819)			$800,635
			SHORT TERM INVESTMENTS — 81.2%
805,335			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$805,335
1,410,000			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(b)			1,410,000
800,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(b)			800,000
1,467,278			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			1,467,278
			TOTAL SHORT TERM INVESTMENTS (Cost $4,482,613)			$4,482,613
			TOTAL INVESTMENTS (Cost $5,246,432) — 95.7%(c)			$ 5,283,248
			Other Assets in Excess of Liabilities — 4.3%			238,678
			TOTAL NET ASSETS — 100.0%			$5,521,926

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,677,278.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of common shares of Netflix, Inc.

7.8200% representing 1 month SOFR rate + spread

Barclays

12/23/2024

3,632

$2,691,187

$44,145

Total return of common shares of Netflix, Inc.

8.5700% representing 1 month SOFR rate + spread

Citibank N.A.

10/6/2025

2,429

1,722,472

103,841

Total return of common shares of Netflix, Inc.

7.3200% representing 1 month SOFR rate + spread

Goldman Sachs

11/4/2025

4,701

3,418,436

121,741

Total return of common shares of Netflix, Inc.

7.8200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

11/24/2025

2,787

1,983,832

114,550

$ 9,815,927

$384,277

The accompanying notes are an integral part of these financial statements.

22

Direxion Daily NVDA Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 24.0%
			Computer and Electronic Product Manufacturing — 24.0%
1,187,399			NVIDIA Corp.			$157,639,091
			TOTAL COMMON STOCKS (Cost $135,457,469)			$157,639,091
			SHORT TERM INVESTMENTS — 85.3%
345,673,374			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$ 345,673,374
153,440,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			153,440,000
60,248,454			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			60,248,454
			TOTAL SHORT TERM INVESTMENTS (Cost $559,361,828)			$559,361,828
			TOTAL INVESTMENTS (Cost $694,819,297) — 109.3%(b)			$ 717,000,919
			Liabilities in Excess of Other Assets — (9.3)%			(61,254,372)
			TOTAL NET ASSETS — 100.0%			$655,746,547

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $454,959,327.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of common shares of NVIDIA Corp.

6.8200% representing 1 month SOFR rate + spread

BNP Paribas

12/5/2024

345,531

$40,102,998

$4,968,540

Total return of common shares of NVIDIA Corp.

7.3200% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

100

10,723

2,509

Total return of common shares of NVIDIA Corp.

7.8200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

1,420,543

129,803,484

53,544,941

Total return of common shares of NVIDIA Corp.

7.8200% representing 1 month SOFR rate + spread

Nomura

12/19/2024

3,250,000

445,835,365

(15,676,381)

Total return of common shares of NVIDIA Corp.

8.5700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

5,010

537,530

116,001

Total return of common shares of NVIDIA Corp.

7.3200% representing 1 month SOFR rate + spread

Barclays

12/23/2024

3,670,729

414,772,945

66,380,819

$ 1,031,063,045

$109,336,429

The accompanying notes are an integral part of these financial statements.

23

Direxion Daily TSLA Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 24.3%
			Transportation Equipment Manufacturing — 24.3%
2,211,918			Tesla, Inc.(a)			$552,647,713
			TOTAL COMMON STOCKS (Cost $491,801,549)			$552,647,713
			SHORT TERM INVESTMENTS — 81.8%
826,058,036			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$826,058,036
390,572,764			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(b)			390,572,764
237,847,705			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(b)			237,847,705
406,235,011			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			406,235,011
			TOTAL SHORT TERM INVESTMENTS (Cost $1,860,713,516)			$1,860,713,516
			TOTAL INVESTMENTS (Cost $2,352,515,065) — 106.1%(c)			$2,413,361,229
			Liabilities in Excess of Other Assets — (6.1)%			(137,308,821)
			TOTAL NET ASSETS — 100.0%			$2,276,052,408

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,623,261,716.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of common shares of Tesla, Inc.

​6.8200% representing 1 month SOFR rate + spread

​BNP Paribas

12/4/2024

451,409

$89,132,022

$21,499,320

Total return of common shares of Tesla, Inc.

8.3200% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

3,522,776

757,691,794

112,439,535

Total return of common shares of Tesla, Inc.

7.8200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

1,540,895

381,342,281

(619,817)

Total return of common shares of Tesla, Inc.

7.8200% representing 1 month SOFR rate + spread

Nomura

12/19/2024

5,149,189

1,244,832,125

30,150,636

Total return of common shares of Tesla, Inc.

8.5700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

2,265,008

416,892,920

133,048,606

Total return of common shares of Tesla, Inc.

7.8200% representing 1 month SOFR rate + spread

Barclays

12/23/2024

3,078,302

627,016,268

122,343,557

$ 3,516,907,410

$418,861,837

The accompanying notes are an integral part of these financial statements.

24

Direxion Daily TSM Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 15.8%
			Computer and Electronic Product Manufacturing — 15.8%
18,367			Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)			$3,499,648
			TOTAL COMMON STOCKS (Cost $3,541,213)			$3,499,648
			SHORT TERM INVESTMENTS — 92.7%
6,224,313			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$6,224,313
5,420,000			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			5,420,000
8,933,634			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			8,933,634
			TOTAL SHORT TERM INVESTMENTS (Cost $20,577,947)			$20,577,947
			TOTAL INVESTMENTS (Cost $24,119,160) — 108.5%(b)			$ 24,077,595
			Liabilities in Excess of Other Assets — (8.5)%			(1,887,546)
			TOTAL NET ASSETS — 100.0%			$22,190,049

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $18,253,634.

ADR - American Depository Receipt

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Depreciation

Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd.

6.8200% representing 1 month SOFR rate + spread

BNP Paribas

12/5/2024

40,150

$7,808,460

$(172,224)

Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd.

8.5700% representing 1 month SOFR rate + spread

Citibank N.A.

10/6/2025

31,764

6,078,151

(59,886)

Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd.

8.3200% representing 1 month SOFR rate + spread

Goldman Sachs

11/4/2025

70,870

13,495,495

(43,309)

Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd.

7.8200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

11/24/2025

71,766

14,115,941

(468,067)

$ 41,498,047

$(743,486)

The accompanying notes are an integral part of these financial statements.

25

Direxion Daily CSI 300 China A Share Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			INVESTMENT COMPANIES — 61.1%
7,396,469			Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF(a)			$202,959,109
			TOTAL INVESTMENT COMPANIES (Cost $234,183,852)			$202,959,109
			SHORT TERM INVESTMENTS — 54.4%
			Money Market Funds — 54.4%
76,197,885			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$76,197,885
20,980,000			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(b)			20,980,000
42,760,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(b)			42,760,000
40,953,529			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			40,953,529
			TOTAL SHORT TERM INVESTMENTS (Cost $180,891,414)			$180,891,414
			TOTAL INVESTMENTS (Cost $415,075,266) — 115.5%(c)			$383,850,523
			Liabilities in Excess of Other Assets — (15.5)%			(51,577,749)
			TOTAL NET ASSETS — 100.0%			$332,272,774

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $210,925,482.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF

3.8200% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

4,579,722

$142,783,831

$(17,576,865)

Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF

4.8200% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

1,292,034

31,604,924

3,206,563

Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF

5.6200% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

1,800,000

56,739,346

(7,586,233)

Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF

4.3200% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

4,927,606

140,501,161

(7,180,258)

Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF

5.6700% representing 1 month SOFR rate + spread

Barclays

12/23/2024

4,221,969

134,901,611

(19,552,584)

$506,530,873

$(48,689,377)

The accompanying notes are an integral part of these financial statements.

26

Direxion Daily CSI China Internet Index Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			INVESTMENT COMPANIES — 53.8%
6,271,349			KraneShares CSI China Internet ETF(a)			$201,937,437
			TOTAL INVESTMENT COMPANIES (Cost $175,371,459)			$201,937,437
			SHORT TERM INVESTMENTS — 50.6%
			Money Market Funds — 50.6%
119,484,612			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$119,484,612
18,007,643			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(b)			18,007,643
52,346,381			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			52,346,381
			TOTAL SHORT TERM INVESTMENTS (Cost $189,838,636)			$189,838,636
			TOTAL INVESTMENTS (Cost $365,210,095) — 104.4%(c)			$391,776,073
			Liabilities in Excess of Other Assets — (4.4)%			(16,512,102)
			TOTAL NET ASSETS — 100.0%			$375,263,971

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $267,442,512.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of KraneShares CSI China Internet ETF

5.2100% representing 1 month SOFR rate + spread

BNP Paribas

12/4/2024

3,646,842

$122,204,148

$(5,188,815)

Total return of KraneShares CSI China Internet ETF

5.4200% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

2,923,485

72,379,179

18,981,205

Total return of KraneShares CSI China Internet ETF

5.5200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

3,679,861

95,464,102

19,905,782

Total return of KraneShares CSI China Internet ETF

5.5600% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

3,857,704

102,105,925

20,310,585

Total return of KraneShares CSI China Internet ETF

5.4200% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

2,929,181

103,117,282

(9,286,438)

$495,270,636

$44,722,319

The accompanying notes are an integral part of these financial statements.

27

Direxion Daily S&P 500^® Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 94.5%
			Accommodation — 0.4%
1,310			Airbnb, Inc. Class A(a)			$176,575
734			Hilton Worldwide Holdings, Inc.			172,380
2,092			Host Hotels & Resorts, Inc.			36,066
1,053			Las Vegas Sands Corp.			54,598
697			Marriott International, Inc. Class A			181,234
688			MGM Resorts International(a)			25,366
279			Wynn Resorts Ltd.			26,790
						673,009
			Administrative and Support Services — 2.7%
259			Allegion PLC ADR (Ireland)			36,164
4,304			Amcor PLC ADR (United Kingdom)			47,903
372			Amentum Holdings, Inc.(a)			11,063
293			Ameriprise Financial, Inc.			149,518
1,215			Automatic Data Processing, Inc.			351,427
100			Booking Holdings, Inc.			467,625
348			Broadridge Financial Solutions, Inc.			73,379
207			Corpay, Inc.(a)			68,252
369			Equifax, Inc.			97,792
113			FactSet Research System, Inc.			51,309
230			Gartner, Inc.(a)			115,575
874			Iron Mountain, Inc.			108,140
467			Live Nation Entertainment, Inc.(a)			54,704
768			Match Group, Inc.(a)			27,671
467			Moody’s Corp.			212,037
837			Rollins, Inc.			39,456
705			Royal Caribbean Cruises Ltd. ADR (Liberia)			145,477
6,257			Uber Technologies, Inc.(a)			450,817
4,975			Visa, Inc. Class A			1,442,004
1,088			Waste Management, Inc.			234,845
						4,185,158
			Air Transportation — 0.2%
1,909			Delta Air Lines, Inc.			109,233
1,785			Southwest Airlines Co.			54,585
979			United Continental Holdings, Inc.(a)			76,617
						240,435
			Ambulatory Health Care Services — 0.1%
138			DaVita, Inc.(a)			19,294
250			Labcorp Holdings, Inc.			57,068
174			Molina Healthcare, Inc.(a)			55,892
332			Quest Diagnostics, Inc.			51,404
3,554			Viatris, Inc.			41,226
						224,884

The accompanying notes are an integral part of these financial statements.

28

Direxion Daily S&P 500^® Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Amusement, Gambling, and Recreation Industries — 0.3%
5,401			The Walt Disney Co.			$519,576
			Apparel Manufacturing — 0.2%
1,021			Cintas Corp.			210,132
454			Deckers Outdoor Corp.(a)			73,044
120			Ralph Lauren Corp.			23,752
						306,928
			Beverage and Tobacco Product Manufacturing — 1.3%
5,081			Altria Group, Inc.			276,711
467			Constellation Brands, Inc. Class A			108,503
3,351			Keurig Dr Pepper, Inc.			110,415
523			Molson Coors Brewing Co. Class B			28,488
2,100			Monster Beverage Corp.(a)			110,628
4,091			PepsiCo, Inc.			679,433
4,631			Philip Morris International, Inc.			614,534
						1,928,712
			Broadcasting and Content Providers — 0.5%
288			Charter Communications, Inc.(a)			94,352
11,506			Comcast Corp. Class A			502,467
669			FOX Corp. Class A			28,098
393			FOX Corp. Class B			15,311
1,772			Paramount Global Class B(b)			19,386
6,645			Warner Bros Discovery, Inc.(a)			54,024
						713,638
			Building Material and Garden Equipment and Supplies Dealers — 1.1%
1,697			Lowe’s Companies, Inc.			444,326
157			Snap-on, Inc.			51,830
2,954			The Home Depot, Inc.			1,163,137
321			Tractor Supply Co.			85,229
						1,744,522
			Chemical Manufacturing — 6.7%
5,261			AbbVie, Inc.			1,072,560
663			Air Products & Chemicals, Inc.			205,881
350			Albemarle Corp.(b)			33,156
1,600			Amgen, Inc.			512,256
434			Biogen, Inc.(a)			75,516
469			Bio-Techne Corp.			34,589
6,038			Bristol-Myers Squibb Co.			336,739
539			Catalent, Inc.(a)			31,585
325			Celanese Corp.(b)			40,940
538			CF Industries Holdings, Inc.			44,240
729			Church & Dwight Co., Inc.			72,834
369			Clorox Co.			58,505

The accompanying notes are an integral part of these financial statements.

29

Direxion Daily S&P 500^® Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Chemical Manufacturing — (Continued)
2,433			Colgate-Palmolive Co.			$227,996
1,243			DuPont de Nemours, Inc.			103,157
348			Eastman Chemical Co.			36,571
754			Ecolab, Inc.			185,280
2,350			Eli Lilly & Co.			1,949,889
371			FMC Corp.			24,111
3,708			Gilead Sciences, Inc.			329,345
477			Incyte Corp.(a)			35,355
1,711			IntercontinentalExchange, Inc.			266,694
762			International Flavors & Fragrances, Inc.			75,766
5,704			Kenvue, Inc.			130,793
1,003			Kimberly-Clark Corp.			134,583
1,432			Linde PLC ADR (Ireland)			653,207
775			LyondellBasell Industries N.V. Class A ADR (Netherlands)			67,309
7,550			Merck & Co., Inc.			772,516
949			Mosaic Co.			25,395
16,878			Pfizer, Inc.			477,647
695			PPG Industries, Inc.			86,535
7,011			Procter & Gamble Co.			1,158,077
317			Regeneron Pharmaceuticals, Inc.(a)			265,709
768			Vertex Pharmaceuticals, Inc.(a)			365,553
1,350			Zoetis, Inc.			241,353
						10,131,642
			Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 0.4%
343			Lululemon Athletica, Inc.(a)			102,180
994			Ross Stores, Inc.			138,881
3,366			TJX Companies, Inc.			380,459
						621,520
			Computer and Electronic Product Manufacturing — 24.7%
4,820			Advanced Micro Devices, Inc.(a)			694,417
868			Agilent Technologies, Inc.			113,109
17,450			Alphabet, Inc.			2,985,870
14,305			Alphabet, Inc. Class C			2,470,330
690			AMETEK, Inc.			126,505
3,587			Amphenol Corp. Class A			240,401
1,478			Analog Devices, Inc.			329,757
45,282			Apple, Inc.			10,229,657
767			Arista Networks, Inc.(a)			296,399
13,864			Broadcom, Inc.			2,353,691
12,000			Cisco Systems, Inc.			657,240
1,914			Danaher Corp.			470,193
858			Dell Technologies, Inc.			106,075
403			Enphase Energy, Inc.(a)			33,465
319			First Solar, Inc.(a)			62,039

The accompanying notes are an integral part of these financial statements.

30

Direxion Daily S&P 500^® Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Computer and Electronic Product Manufacturing — (Continued)
1,891			Fortinet, Inc.(a)			$148,746
1,043			Fortive Corp.			74,502
1,361			GE HealthCare Technologies, Inc.			118,883
692			Hologic, Inc.(a)			55,962
2,915			HP, Inc.			103,541
12,708			Intel Corp.			273,476
2,744			International Business Machines Corp.			567,240
337			Jabil Circuit, Inc.			41,481
519			Keysight Technologies, Inc.(a)			77,336
565			L3Harris Technologies, Inc.			139,821
3,878			Lam Research Corp.			288,329
1,598			Microchip Technology, Inc.			117,245
3,302			Micron Technology, Inc.			329,044
145			Monolithic Power Systems, Inc.			110,099
497			Motorola Solutions, Inc.			223,327
613			NetApp, Inc.			70,685
409			Northrop Grumman Corp.			208,189
73,265			NVIDIA Corp.			9,726,661
759			NXP Semiconductors NV ADR (Netherlands)			177,986
1,276			ON Semiconductor Corp.(a)			89,945
1,193			Otis Worldwide Corp.			117,153
964			Palto Alto Networks, Inc.(a)			347,358
368			PerkinElmer, Inc.			43,641
283			Qorvo, Inc.(a)			20,167
3,317			Qualcomm, Inc.			539,908
320			Roper Technologies, Inc.			172,074
3,961			RTX Corp.			479,241
626			Seagate Technology Holdings PLC ADR (Ireland)			62,832
476			Skyworks Solutions, Inc.			41,688
1,500			Super Micro Computer, Inc.(a)			43,665
139			Teledyne Technologies, Inc.(a)			63,289
485			Teradyne, Inc.			51,512
2,720			Texas Instruments, Inc.			552,595
1,138			Thermo Fisher Scientific, Inc.			621,712
728			Trimble, Inc.(a)			44,044
736			Veralto Corp.			75,212
176			Waters Corp.(a)			56,867
973			Western Digital Corp.(a)			63,547
155			Zebra Technologies Corp. Class A(a)			59,205
						37,567,356
			Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 0.2%
1,714			Fiserv, Inc.(a)			339,201

The accompanying notes are an integral part of these financial statements.

31

Direxion Daily S&P 500^® Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Construction of Buildings — 0.3%
874			D.R. Horton, Inc.			$147,706
719			Lennar Corp. Class A			122,446
9			NVR, Inc.(a)			82,375
618			PulteGroup, Inc.			80,050
						432,577
			Couriers and Messengers — 0.3%
671			FedEx Corp.			183,753
2,182			United Parcel Service, Inc. Class B			292,519
						476,272
			Credit Intermediation and Related Activities — 4.8%
1,673			American Express Co.			451,844
20,107			Bank of America Corp.			840,875
2,198			Bank of New York Mellon Corp.			165,641
1,137			Capital One Financial Corp.			185,092
5,682			Citigroup, Inc.			364,614
1,335			Citizens Financial Group, Inc.			56,230
748			Discover Financial Services			111,026
1,625			Fidelity National Information Services, Inc.			145,811
2,016			Fifth Third Bancorp			88,059
759			Global Payments, Inc.			78,716
4,326			Huntington Bancshares, Inc.			67,442
8,474			JPMorgan Chase & Co.			1,880,550
2,764			KeyCorp			47,679
497			M&T Bank Corp.			96,756
2,457			MasterCard, Inc. Class A			1,227,493
600			Northern Trust Corp.			60,312
1,184			PNC Financial Services Group, Inc.			222,912
2,726			Regions Financial Corp.			65,070
889			State Street Corp.			82,499
1,176			Synchrony Financial			64,845
3,989			Truist Financial Corp.			171,726
4,647			U.S. Bancorp			224,496
10,138			Wells Fargo & Co.			658,159
						7,357,847
			Electrical Equipment, Appliance, and Component Manufacturing — 0.3%
357			A.O. Smith Corp.			26,811
214			Axon Enterprise, Inc.(a)			90,629
1,705			Emerson Electric Co.			184,600
180			Generac Holdings, Inc.(a)			29,799
337			Rockwell Automation, Inc.			89,881
						421,720

The accompanying notes are an integral part of these financial statements.

32

Direxion Daily S&P 500^® Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Fabricated Metal Product Manufacturing — 0.2%
904			Ball Corp.			$53,562
707			Nucor Corp.			100,281
493			Pentair PLC ADR (Ireland)			48,866
458			Stanley Black & Decker, Inc.			42,567
						245,276
			Food and Beverage Retailers — 0.1%
1,977			Kroger Co.			110,257
			Food Manufacturing — 1.1%
1,424			Archer-Daniels-Midland Co.			78,619
587			Campbell Soup Co.			27,384
11,552			Coca-Cola Co.			754,461
1,657			General Mills, Inc.			112,709
865			Hormel Foods Corp.			26,426
799			Kellanova			64,440
428			Lamb Weston Holdings, Inc.			33,251
750			McCormick & Co, Inc.			58,680
3,978			Mondelez International, Inc.			272,414
440			The Hershey Co.			78,135
318			The J.M. Smucker Co.			36,096
2,629			The Kraft Heinz Co.			87,966
851			Tyson Foods, Inc. Class A			49,860
						1,680,441
			Food Services and Drinking Places — 0.9%
4,079			Chipotle Mexican Grill, Inc.(a)			227,486
353			Darden Restaurants, Inc.			56,487
2,136			McDonald’s Corp.			623,947
3,375			Starbucks Corp.			329,737
838			Yum! Brands, Inc.			109,912
						1,347,569
			Funds, Trusts, and Other Financial Vehicles — 0.1%
458			Garmin Ltd. ADR (Switzerland)			90,844
664			T. Rowe Price Group, Inc.			72,947
						163,791
			Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.0%(†)
584			Best Buy Co., Inc.			52,811
			Gasoline Stations and Fuel Dealers — 0.5%
5,066			Chevron Corp.			753,922
			General Merchandise Retailers — 5.1%
27,821			Amazon.com, Inc.(a)			5,185,834
1,320			Costco Wholesale Corp.			1,153,918
655			Dollar General Corp.			52,426

The accompanying notes are an integral part of these financial statements.

33

Direxion Daily S&P 500^® Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			General Merchandise Retailers — (Continued)
602			Dollar Tree, Inc.(a)			$38,913
1,456			eBay, Inc.			83,735
1,378			Target Corp.			206,755
12,936			Walmart, Inc.			1,060,105
						7,781,686
			Health and Personal Care Retailers — 0.2%
3,746			CVS Health Corp.			211,499
141			Ulta Beauty, Inc.(a)			52,026
2,134			Walgreens Boots Alliance, Inc.(b)			20,188
						283,713
			Hospitals — 0.2%
553			HCA Healthcare, Inc.			198,383
177			Universal Health Services, Inc. Class B			36,163
						234,546
			Insurance Carriers and Related Activities — 5.0%
1,501			Aflac, Inc.			157,290
787			Allstate Corp.			146,791
1,918			American International Group, Inc.			145,538
1,116			Arch Capital Group Ltd. ADR(a)			109,993
652			Arthur J. Gallagher & Co.			183,342
155			Assurant, Inc.			29,714
5,456			Berkshire Hathaway, Inc. Class B(a)			2,460,220
705			Brown & Brown, Inc.			73,771
1,566			Centene Corp.(a)			97,499
1,119			Chubb Limited ADR (Switzerland)			316,050
833			Cigna Corp.			262,237
466			Cincinnati Financial Corp.			65,627
691			Elevance Health, Inc.			280,380
74			Erie Indemnity Co. Class A			33,214
128			Everest Re Group Ltd. ADR			45,518
268			Globe Life, Inc.			28,301
873			Hartford Financial Services Group, Inc.			96,414
358			Humana, Inc.			92,303
543			Loews Corp.			42,875
1,465			Marsh & McLennan Companies, Inc.			319,722
1,752			MetLife, Inc.			137,392
634			Principal Financial Group, Inc.			52,242
1,745			Progressive Corp.			423,738
1,063			Prudential Financial, Inc.			130,196
679			Travelers Companies, Inc.			166,993
2,750			UnitedHealth Group, Inc.			1,552,375
895			W.R. Berkley Corp.			51,167
303			Willis Towers Watson PLC ADR (Ireland)			91,564
						7,592,466

The accompanying notes are an integral part of these financial statements.

34

Direxion Daily S&P 500^® Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Leather and Allied Product Manufacturing — 0.2%
3,578			NIKE, Inc. Class B			$275,971
686			Tapestry, Inc.			32,551
						308,522
			Machinery Manufacturing — 2.1%
2,466			Applied Materials, Inc.			447,776
2,958			Baker Hughes Co.			112,641
2,500			Carrier Global Corp.			181,800
1,444			Caterpillar, Inc.			543,233
408			Cummins, Inc.			134,224
763			Deere & Co.			308,778
3,229			General Electric Co.			554,677
225			IDEX Corp.			48,294
1,203			Ingersoll Rand, Inc.			115,488
63			Mettler-Toledo International, Inc.(a)			81,380
162			Nordson Corp.			40,158
383			Parker Hannifin Corp.			242,849
673			Trane Technologies PLC ADR (Ireland)			249,118
724			Xylem, Inc.			88,169
						3,148,585
			Management of Companies and Enterprises — 0.6%
5,183			Abbott Laboratories			587,597
648			Aon PLC ADR (United Kingdom)			237,732
421			Bunge Global SA ADR (Switzerland)			35,372
1,309			Norwegian Cruise Line Holdings Ltd. ADR(a)			33,170
1,469			Smurfit WestRock PLC ADR (Ireland)			75,653
						969,524
			Merchant Wholesalers, Durable Goods — 0.8%
347			Builders FirstSource, Inc.(a)			59,476
2,609			Copart, Inc.(a)			134,285
1,705			Fastenal Co.(b)			133,297
416			Genuine Parts Co.			47,715
378			Henry Schein, Inc.(a)			26,547
160			Hubbell, Inc.			68,325
116			Huntington Ingalls Industries, Inc.			21,455
1,991			Johnson Controls International PLC ADR (Ireland)			150,420
400			KLA-Tencor Corp.			266,492
784			LKQ Corp.			28,843
156			Mohawk Industries, Inc.(a)			20,946
114			Pool Corp.			41,227
905			TE Connectivity ADR (Ireland) PLC			133,415
133			W.W. Grainger, Inc.			147,528
						1,279,971

The accompanying notes are an integral part of these financial statements.

35

Direxion Daily S&P 500^® Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Merchant Wholesalers, Nondurable Goods — 0.7%
546			Brown Forman Corp. Class B			$24,040
727			Cardinal Health, Inc.			78,894
519			Cencora, Inc.			118,374
1,427			ConAgra Brands, Inc.			41,297
104			Domino’s Pizza, Inc.			43,028
804			Illinois Tool Works, Inc.			209,949
385			McKesson Corp.			192,727
1,465			Sysco Corp.			109,802
691			The Sherwin Williams Co.			247,910
						1,066,021
			Mining (except Oil and Gas) — 0.4%
4,279			Freeport-McMoRan Copper & Gold, Inc.			192,641
182			Martin Marietta Materials, Inc.			107,806
3,417			Newmont Corp.			155,268
393			Vulcan Materials Co.			107,654
						563,369
			Miscellaneous Manufacturing — 2.7%
1,636			3M Co.			210,177
209			Align Technology, Inc.(a)			42,851
1,519			Baxter International, Inc.			54,228
861			Becton, Dickinson & Co.			201,121
4,386			Boston Scientific Corp.(a)			368,512
1,193			DexCom, Inc.(a)			84,083
409			Dover Corp.			77,436
1,794			Edwards Lifesciences Corp.(a)			120,216
694			Estee Lauder Companies, Inc. Class A			47,844
390			Hasbro, Inc.			25,596
209			Insulet Corp.(a)			48,390
1,057			Intuitive Surgical, Inc.(a)			532,559
7,169			Johnson & Johnson			1,146,036
3,820			Medtronic PLC ADR (Ireland)			340,935
438			ResMed, Inc.			106,202
411			Solventum Corp.(a)			29,830
294			Steris PLC ADR (Ireland)			65,224
1,022			Stryker Corp.			364,118
140			Teleflex, Inc.			28,149
558			Textron, Inc.			44,874
593			The Cooper Companys, Inc.(a)			62,075
606			Zimmer Biomet Holdings, Inc.			64,794
						4,065,250
			Motion Picture and Sound Recording Industries — 0.6%
1,278			Netflix, Inc.(a)			966,206

The accompanying notes are an integral part of these financial statements.

36

Direxion Daily S&P 500^® Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Motor Vehicle and Parts Dealers — 0.3%
51			AutoZone, Inc.(a)			$153,459
465			CarMax, Inc.(a)			33,657
172			O’Reilly Automotive, Inc.(a)			198,340
						385,456
			National Security and International Affairs — 0.1%
402			Leidos Holdings, Inc.			73,630
			Nonmetallic Mineral Product Manufacturing — 0.1%
2,294			Corning, Inc.			109,171
			Oil and Gas Extraction — 1.6%
1,102			APA Corp.			26,007
2,202			Coterra Energy, Inc.			52,672
1,864			Devon Energy Corp.			72,100
557			Diamondback Energy, Inc.			98,461
2,499			Dominion Energy, Inc.			148,765
1,693			EOG Resources, Inc.			206,478
1,770			EQT Corp.			64,676
13,232			Exxon Mobil Corp.			1,545,233
1,665			Marathon Oil Corp.			46,120
2,006			Occidental Petroleum Corp.			100,521
						2,361,033
			Paper Manufacturing — 0.0%(†)
266			Packaging Corp of America			60,898
			Performing Arts, Spectator Sports, and Related Industries — 0.1%
644			Caesars Entertainment, Inc.(a)			25,792
716			Electronic Arts, Inc.			108,009
						133,801
			Petroleum and Coal Products Manufacturing — 0.5%
3,459			ConocoPhillips			378,899
997			Marathon Petroleum Corp.			145,034
1,247			Phillips 66			151,909
954			Valero Energy Corp.			123,791
						799,633
			Pipeline Transportation — 0.2%
652			Targa Resources Corp.			108,858
3,630			Williams Companies, Inc.			190,103
						298,961
			Plastics and Rubber Products Manufacturing — 0.1%
239			Avery Dennison Corp.			49,480
217			West Pharmaceutical Services, Inc.			66,821
						116,301

The accompanying notes are an integral part of these financial statements.

37

Direxion Daily S&P 500^® Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Primary Metal Manufacturing — 0.1%
1,216			Howmet Aerospace, Inc.			$121,260
428			Steel Dynamics, Inc.			55,854
						177,114
			Professional, Scientific, and Technical Services — 5.1%
1,865			Accenture PLC Class A ADR (Ireland)			643,089
398			CDW Corp.			74,916
155			Charles River Laboratories International, Inc.(a)			27,680
1,477			Cognizant Technology Solutions Corp. Class A			110,170
1,186			Eaton Corporation PLC ADR (Ireland)			393,254
170			EPAM Systems, Inc.(a)			32,071
631			Extra Space Storage, Inc.			103,042
173			F5 Networks, Inc.(a)			40,461
419			GoDaddy, Inc.(a)			69,889
245			IDEXX Laboratories, Inc.(a)			99,695
1,035			International Paper Co.			57,484
1,119			Interpublic Group of Companies, Inc.			32,899
516			IQVIA Holdings, Inc.(a)			106,203
218			Jack Henry & Associates, Inc.			39,661
372			Jacobs Solutions, Inc.			52,296
981			Juniper Networks, Inc.			38,161
6,507			Meta Platforms, Inc.			3,693,243
1,008			Moderna, Inc.(a)			54,795
582			Omnicom Group, Inc.			58,782
4,760			Oracle Corp.			798,918
5,998			Palantir Technologies, Inc.(a)			249,277
954			Paychex, Inc.			132,921
145			Paycom Software, Inc.			30,309
358			PTC, Inc.(a)			66,348
614			ServiceNow, Inc.(a)			572,856
485			Take-Two Interactive Software, Inc.(a)			78,434
250			VeriSign, Inc.(a)			44,210
424			Verisk Analytics, Inc. Class A			116,481
						7,817,545
			Publishing Industries — 8.1%
1,320			Adobe, Inc.(a)			631,066
451			Akamai Technologies, Inc.(a)			45,587
260			Ansys, Inc.(a)			83,307
642			Autodesk, Inc.(a)			182,200
815			Cadence Design Systems, Inc.(a)			225,038
688			CrowdStrike Holdings, Inc.(a)			204,247
470			Dayforce, Inc.(a)			33,346
74			Fair Isaac Corp.(a)			147,490
1,614			Gen Digital, Inc.			46,983
3,871			Hewlett Packard Enterprise Co.			75,446
833			Intuit, Inc.			508,380

The accompanying notes are an integral part of these financial statements.

38

Direxion Daily S&P 500^® Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Publishing Industries — (Continued)
22,138			Microsoft Corp.			$8,995,776
1,126			News Corp. Class A			30,683
335			News Corp. Class B			9,728
2,886			Salesforce, Inc.			840,894
456			Synopsys, Inc.(a)			234,206
127			Tyler Technologies, Inc.(a)			76,910
						12,371,287
			Rail Transportation — 0.4%
5,775			CSX Corp.			194,271
1,814			Union Pacific Corp.			420,975
						615,246
			Real Estate — 1.7%
464			Alexandria Real Estate Equities, Inc.			51,759
1,391			American Tower Corp.			297,034
422			AvalonBay Communities, Inc.			93,519
433			BXP, Inc.			34,883
318			Camden Property Trust			36,821
897			CBRE Group, Inc. Class A(a)			117,480
1,294			Crown Castle, Inc.			139,092
916			Digital Realty Trust, Inc.			163,259
1,016			Equity Residential			71,496
190			Essex Property Trust, Inc.			53,933
224			Federal Realty Investment Trust			24,828
2,096			Healthpeak Properties, Inc.			47,055
1,697			Invitation Homes, Inc.			53,303
2,007			Kimco Realty Corp.			47,606
348			Mid-America Apartment Communities, Inc.			52,666
2,758			Prologis, Inc.			311,489
469			Public Storage			154,329
2,595			Realty Income Corp.			154,065
486			Regency Centers Corp.			34,720
912			Simon Property Group, Inc.			154,238
894			UDR, Inc.			37,718
1,231			Ventas, Inc.			80,618
3,119			VICI Properties, Inc.			99,060
1,724			Welltower, Inc.			232,533
2,167			Weyerhaeuser Co.			67,524
						2,611,028
			Rental and Leasing Services — 0.1%
198			United Rentals, Inc.			160,934

The accompanying notes are an integral part of these financial statements.

39

Direxion Daily S&P 500^® Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 2.3%
415			Blackrock, Inc.			$407,128
311			Cboe Global Markets, Inc.			66,420
4,449			Charles Schwab Corp.			315,123
1,073			CME Group, Inc.			241,811
2,088			Dow, Inc.			103,106
920			Franklin Resources, Inc.			19,108
941			Goldman Sachs Group, Inc.			487,240
1,340			Invesco Ltd. ADR			23,236
2,008			KKR & Co., Inc.			277,586
112			MarketAxess Holdings, Inc.			32,415
3,711			Morgan Stanley			431,404
235			MSCI, Inc. Class A			134,232
1,233			NASDAQ OMX Group, Inc.			91,143
552			Raymond James Financial, Inc.			81,817
953			S&P Global, Inc.			457,783
2,144			The Blackstone Group, Inc.			359,656
						3,529,208
			Specialty Trade Contractors — 0.1%
439			Quanta Services, Inc.			132,416
			Support Activities for Agriculture and Forestry — 0.1%
2,061			Corteva, Inc.			125,556
			Support Activities for Mining — 0.2%
2,629			Halliburton Co.			72,928
824			Hess Corp.			110,812
4,229			Schlumberger Ltd. ADR (Curaco)			169,456
						353,196
			Support Activities for Transportation — 0.2%
349			C.H. Robinson Worldwide, Inc.			35,961
371			Expedia, Inc.(a)			57,991
420			Expeditors International of Washington, Inc.			49,980
239			J.B. Hunt Transport Services, Inc.			43,168
674			Norfolk Southern Corp.			168,790
						355,890
			Telecommunications — 1.3%
21,355			AT&T, Inc.			481,342
283			Equinix, Inc.			256,987
3,045			PayPal Holdings, Inc.(a)			241,469
320			SBA Communications Corp.			73,430
1,459			T-Mobile US, Inc.			325,590
12,537			Verizon Communications, Inc.			528,184
						1,907,002

The accompanying notes are an integral part of these financial statements.

40

Direxion Daily S&P 500^® Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Transportation Equipment Manufacturing — 2.8%
792			Aptiv PLC ADR (United Kingdom)(a)			$45,009
2,173			Boeing Co.(a)			324,451
679			BorgWarner, Inc.			22,835
11,629			Ford Motor Co.			119,662
768			General Dynamics Corp.			223,957
3,348			General Motors Co.			169,944
1,939			Honeywell International, Inc.			398,814
631			Lockheed Martin Corp.			344,558
1,562			Paccar, Inc.			162,885
8,264			Tesla, Inc.(a)			2,064,760
168			TransDigm Group, Inc.			218,786
521			Wabtec Corp.			97,938
						4,193,599
			Truck Transportation — 0.1%
562			Old Dominion Freight Line, Inc.			113,142
			Utilities — 2.7%
2,118			AES Corp.			34,926
764			Alliant Energy Corp.			45,840
794			Ameren Corp.			69,165
1,585			American Electric Power Co., Inc.			156,519
581			American Water Works Co., Inc.			80,242
463			Atmos Energy Corp.			64,255
1,942			CenterPoint Energy, Inc.			57,347
890			CMS Energy Corp.			61,953
1,030			Consolidated Edison, Inc.			104,730
932			Constellation Energy Corp.			245,079
616			DTE Energy Co.			76,520
2,300			Duke Energy Corp.			265,121
1,150			Edison International			94,760
637			Entergy Corp.			98,595
685			Evergy, Inc.			41,401
1,064			Eversource Energy			70,064
2,978			Exelon Corp.			117,035
1,527			FirstEnergy Corp.			63,874
818			GE Vernova, Inc.(a)			246,758
5,751			Kinder Morgan, Inc.			140,957
6,120			NextEra Energy, Inc.			485,010
1,335			NiSource, Inc.			46,939
615			NRG Energy, Inc.			55,596
1,740			ONEOK, Inc.			168,571
6,366			PG&E Corp.			128,721
337			Pinnacle West Capital Corp.			29,592
2,197			PPL Corp.			71,534
1,483			Public Service Enterprise Group, Inc.			132,595

The accompanying notes are an integral part of these financial statements.

41

Direxion Daily S&P 500^® Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Utilities — (Continued)
1,886			Sempra Energy			$157,236
3,256			Southern Co.			296,394
1,024			Vistra Corp.			127,959
941			WEC Energy Group, Inc.			89,894
1,661			Xcel Energy, Inc.			110,971
						4,036,153
			Waste Management and Remediation Services — 0.1%
608			Republic Services, Inc.			120,384
			Water Transportation — 0.0%(†)
3,008			Carnival Corp. ADR (Panama)(a)			66,176
			Web Search Portals, Libraries, Archives, and Other Information Services — 0.1%
1,220			CoStar Group, Inc.(a)			88,804
			Wood Product Manufacturing — 0.0%(†)
650			Masco Corp.			51,942
			TOTAL COMMON STOCKS (Cost $125,416,810)			$143,664,429
			SHORT TERM INVESTMENTS — 7.9%
			Money Market Funds — 7.9%
4,998,078			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)			4,998,078
75,491			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(c)			75,491
6,873,841			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			6,873,841
			TOTAL SHORT TERM INVESTMENTS (Cost $11,947,410)			$11,947,410
			TOTAL INVESTMENTS (Cost $137,364,220) — 102.4%(d)			$155,611,839
			Liabilities in Excess of Other Assets — (2.4)%			(3,554,930)
			TOTAL NET ASSETS — 100.0%			$152,056,909

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(†)
Less than 0.005%.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $98,282,440.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

42

DIREXION DAILY S&P 500^® BULL 2X SHARES

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of S&P 500® Index

5.4200% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

10,000

$45,493,400

$9,765,813

Total return of S&P 500® Index

5.6100% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

9,472

44,585,556

7,719,275

Total return of S&P 500® Index

5.5100% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

8,651

45,307,042

3,270,330

$135,385,998

$20,755,418

The accompanying notes are an integral part of these financial statements.

43

Direxion Daily MSCI Brazil Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			INVESTMENT COMPANIES — 54.1%
2,103,303			iShares MSCI Brazil ETF(a)(b)			$58,429,757
			TOTAL INVESTMENT COMPANIES (Cost $61,356,611)			$58,429,757
			SHORT TERM INVESTMENTS — 56.9%
			Money Market Funds — 56.9%
22,254,828			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$22,254,828
39,182,172			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			39,182,172
			TOTAL SHORT TERM INVESTMENTS (Cost $61,437,000)			$61,437,000
			TOTAL INVESTMENTS (Cost $122,793,611) — 111.0%(e)			$119,866,757
			Liabilities in Excess of Other Assets — (11.0)%			(11,881,465)
			TOTAL NET ASSETS — 100.0%			$107,985,292

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $64,357,537.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Depreciation

Total return of iShares MSCI Brazil ETF

5.4100% representing 1 month SOFR rate + spread

BNP Paribas

12/4/2024

75,323

$2,138,848

$(86,094)

Total return of iShares MSCI Brazil ETF

5.0900% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

5,461,222

162,186,954

(11,095,060)

Total return of iShares MSCI Brazil ETF

5.5200% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

127,302

3,495,836

(27,376)

Total return of iShares MSCI Brazil ETF

5.5700% representing 1 month SOFR rate + spread

Barclays

12/23/2024

7,214

202,382

(5,943)

$168,024,020

$(11,214,473)

The accompanying notes are an integral part of these financial statements.

44

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			INVESTMENT COMPANIES — 64.5%
36,240			iShares MSCI Emerging Markets ex China ETF(a)			$2,134,536
			TOTAL INVESTMENT COMPANIES (Cost $2,063,228)			$2,134,536
			SHORT TERM INVESTMENTS — 40.1%
			Money Market Funds — 40.1%
595,040			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$595,040
472,387			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(b)			472,387
260,139			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			260,139
			TOTAL SHORT TERM INVESTMENTS (Cost $1,327,566)			$1,327,566
			TOTAL INVESTMENTS (Cost $3,390,794) — 104.6%(c)			$3,462,102
			Liabilities in Excess of Other Assets — (4.6)%			(152,463)
			TOTAL NET ASSETS — 100.0%			$3,309,639

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,419,005.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Depreciation

Total return of iShares MSCI Emerging Markets ex China ETF

5.4200% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

39,370

$2,379,038

$(95,619)

Total return of iShares MSCI Emerging Markets ex China ETF

5.6200% representing 1 month SOFR rate + spread

J.P. Morgan

10/16/2025

36,772

2,215,860

(64,990)

$4,594,898

$(160,609)

The accompanying notes are an integral part of these financial statements.

45

Direxion Daily MSCI India Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			INVESTMENT COMPANIES — 59.6%
1,035,837			iShares MSCI India ETF(a)(b)			$56,784,585
			TOTAL INVESTMENT COMPANIES (Cost $53,649,686)			$56,784,585
			SHORT TERM INVESTMENTS — 41.0%
			Money Market Funds — 41.0%
21,974,039			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)			$ 21,974,039
8,018,584			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(c)			8,018,584
9,054,392			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			9,054,392
			TOTAL SHORT TERM INVESTMENTS (Cost $39,047,015)			$39,047,015
			TOTAL INVESTMENTS (Cost $92,696,701) — 100.6%(d)			$ 95,831,600
			Liabilities in Excess of Other Assets — (0.6)%			(543,311)
			TOTAL NET ASSETS — 100.0%			$95,288,289

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $24,953,607.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of iShares MSCI India ETF

5.5200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/13/2024

68,430

$3,749,612

$(4,827)

Total return of iShares MSCI India ETF

5.6100% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

851,635

41,538,652

3,032,987

Total return of iShares MSCI India ETF

5.5700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

787,622

38,276,688

2,919,064

Total return of iShares MSCI India ETF

5.7200% representing 1 month SOFR rate + spread

Barclays

12/23/2024

732,905

34,739,697

3,574,439

$ 118,304,649

$9,521,663

The accompanying notes are an integral part of these financial statements.

46

Direxion Daily AI and Big Data Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 83.3%
			Administrative and Support Services — 0.6%
61			CorVel Corp.(a)			$18,167
1,031			SentinelOne, Inc.(a)			26,590
						44,757
			Computer and Electronic Product Manufacturing — 39.3%
1,835			Advanced Micro Devices, Inc.(a)			264,368
2,934			Alphabet, Inc.			502,037
146			Ambarella, Inc. ADR(a)			8,204
2,059			Apple, Inc.			465,149
704			Arista Networks, Inc.(a)			272,054
1,580			Broadcom, Inc.			268,236
12,780			Intel Corp.			275,026
1,231			International Business Machines Corp.			254,472
488			Lattice Semiconductor Corp.(a)			24,722
1,901			Microchip Technology, Inc.			139,476
3,491			NVIDIA Corp.			463,465
						2,937,209
			Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 0.3%
572			ExlService Holdings, Inc.(a)			23,835
			General Merchandise Retailers — 6.4%
2,549			Amazon.com, Inc.(a)			475,134
			Professional, Scientific, and Technical Services — 19.5%
828			Meta Platforms, Inc.			469,956
1,632			Oracle Corp.			273,915
213			Pagaya Technologies Ltd ADR (Israel)(a)			2,454
6,828			Palantir Technologies, Inc.(a)			283,772
313			ServiceNow, Inc.(a)			292,026
1,188			Snowflake, Inc.(a)			136,406
						1,458,529
			Publishing Industries — 17.2%
211			Altair Engineering, Inc.(a)			21,942
438			C3.ai, Inc.(a)(b)			10,788
87			Fair Isaac Corp.(a)			173,401
1,147			Microsoft Corp.			466,083
985			Salesforce, Inc.			286,999
1,155			SoundHound AI, Inc.(a)			5,810
544			Synopsys, Inc.(a)			279,404
1,657			UiPath, Inc.(a)			20,480
720			Zeta Global Holdings Corp.(a)			19,930
						1,284,837
			TOTAL COMMON STOCKS (Cost $5,749,809)			$6,224,301

The accompanying notes are an integral part of these financial statements.

47

Direxion Daily AI and Big Data Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			SHORT TERM INVESTMENTS — 16.9%
			Money Market Funds — 16.9%
808,982			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$808,982
1,907			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(c)			1,907
450,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(c)			450,000
			TOTAL SHORT TERM INVESTMENTS (Cost $1,260,889)			$1,260,889
			TOTAL INVESTMENTS (Cost $7,010,698) — 100.2%(e)			$7,485,190
			Liabilities in Excess of Other Assets — (0.2)%			(9,886)
			TOTAL NET ASSETS — 100.0%			$7,475,304

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $6,161,810.

ADR - American Depository Receipt

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of Solactive US AI & Big Data Index

5.8200% representing 1 month SOFR rate + spread

Barclays

12/23/2024

1,082

$3,874,271

$98,717

Total return of Solactive US AI & Big Data Index

5.5200% representing 1 month SOFR rate + spread

Goldman Sachs

6/17/2025

1,263

4,207,549

403,456

$8,081,820

$502,173

The accompanying notes are an integral part of these financial statements.

48

Direxion Daily AI and Big Data Bear 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 105.6%
			Money Market Funds — 105.6%
1,202,245			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$ 1,202,245
828,367			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			828,367
531,588			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			531,588
			TOTAL SHORT TERM INVESTMENTS (Cost $2,562,200)(b)			$2,562,200
			TOTAL INVESTMENTS (Cost $2,562,200) — 105.6%			$ 2,562,200
			Liabilities in Excess of Other Assets — (5.6)%			(136,948)
			TOTAL NET ASSETS — 100.0%			$2,425,252

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,359,955.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Depreciation

5.2700% representing 1 month SOFR rate + spread

Total return of Solactive US AI & Big Data Index

Goldman Sachs

6/17/2025

978

$3,565,674

$(44,475)

5.4700% representing 1 month SOFR rate + spread

Total return of Solactive US AI & Big Data Index

J.P. Morgan

10/6/2025

325

1,100,599

(99,587)

$ 4,666,273

$(144,062)

The accompanying notes are an integral part of these financial statements.

49

Direxion Daily Cloud Computing Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 79.7%
			Administrative and Support Services — 0.8%
376			Alarm.com, Inc.(a)			$20,052
513			nCino, Inc.(a)(b)			19,135
						39,187
			Computer and Electronic Product Manufacturing — 0.1%
281			Radware Ltd. ADR (Israel)(a)			6,326
			Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 0.8%
569			Five9, Inc.(a)			16,803
635			RingCentral, Inc.(a)			22,866
						39,669
			Credit Intermediation and Related Activities — 0.1%
1,256			Blend Labs, Inc.(a)			4,559
			Heavy and Civil Engineering Construction — 0.5%
398			BlackLine, Inc.(a)			22,037
			Professional, Scientific, and Technical Services — 36.4%
950			Atlassian Corp.(a)			179,113
413			DigitalOcean Holdings, Inc.(a)			16,347
1,366			Freshworks, Inc.(a)			15,982
1,933			Nutanix, Inc.(a)			120,039
1,456			Oracle Corp.			244,375
398			Paycom Software, Inc.			83,194
350			Paylocity Holding Corp.(a)			64,599
336			PROS Holdings, Inc.(a)			6,653
963			SAP SE ADR (Germany)			224,995
243			ServiceNow, Inc.(a)			226,717
1,185			Snowflake, Inc.(a)			136,062
1,145			Vimeo, Inc.(a)			5,462
679			Workday, Inc.(a)			158,784
1,850			Zoom Video Communications, Inc.(a)			138,269
704			Zscaler, Inc.(a)			127,276
						1,747,867
			Publishing Industries — 40.8%
834			ACI Worldwide, Inc.(a)			41,033
368			Adobe, Inc.(a)			175,933
1,182			Akamai Technologies, Inc.(a)			119,477
154			AppFolio, Inc.(a)			32,012
706			Autodesk, Inc.(a)			200,363
798			Bill.com Holdings, Inc.(a)			46,571
338			Blackbaud, Inc.(a)			25,522
1,101			Box, Inc.(a)			34,968
833			C3.ai, Inc.(a)(b)			20,517
770			Clearwater Analytics Holdings, Inc.(a)			20,105

The accompanying notes are an integral part of these financial statements.

50

Direxion Daily Cloud Computing Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Publishing Industries — (Continued)
570			CrowdStrike Holdings, Inc.(a)			$169,216
1,604			DocuSign, Inc.(a)			111,285
2,006			Dropbox, Inc.(a)			51,855
368			Enfusion, Inc.(a)			3,279
1,015			Informatica, Inc.(a)			27,709
1,179			MicroStrategy, Inc. Class A(a)(b)			288,265
549			Paycor HCM, Inc.(a)			8,284
287			Qualys, Inc.(a)			34,222
610			Salesforce, Inc.			177,736
171			Semrush Holdings, Inc.(a)			2,242
288			SPS Commerce, Inc.(a)			47,520
1,367			Twilio, Inc.(a)			110,249
812			Veeva Systems, Inc.(a)			169,570
383			Workiva, Inc.(a)			30,548
1,053			Zuora, Inc.(a)			10,425
						1,958,906
			Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 0.2%
773			AvePoint, Inc.(a)			9,384
			TOTAL COMMON STOCKS (Cost $4,176,237)			$3,827,935
			SHORT TERM INVESTMENTS — 20.4%
			Money Market Funds — 20.4%
656,348			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$656,348
322,440			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			322,440
			TOTAL SHORT TERM INVESTMENTS (Cost $978,788)			$978,788
			TOTAL INVESTMENTS (Cost $5,155,025) — 100.1%(e)			$4,806,723
			Liabilities in Excess of Other Assets — (0.1)%			(2,286)
			TOTAL NET ASSETS — 100.0%			$4,804,437

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,127,956.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

51

Direxion Daily Cloud Computing Bull 2X Shares

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of Indxx USA Cloud Computing Index

5.1200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

3,004

$3,110,152

$(237)

Total return of Indxx USA Cloud Computing Index

4.9700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

2,567

2,365,699

252,042

$5,475,851

$251,805

The accompanying notes are an integral part of these financial statements.

52

Direxion Daily Crypto Industry Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 70.2%
			Administrative and Support Services — 12.1%
8,810			Bitfarms Ltd. ADR (Canada)(a)			$16,959
213			Moneylion, Inc.(a)			9,153
10,165			NU Holdings Ltd. ADR (Brazil)(a)			153,390
496			Visa, Inc. Class A			143,765
						323,267
			Amusement, Gambling, and Recreation Industries — 3.0%
2,294			DraftKings, Inc.(a)			81,024
			Computer and Electronic Product Manufacturing — 10.2%
921			Advanced Micro Devices, Inc.(a)			132,688
1,051			NVIDIA Corp.			139,531
						272,219
			Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 7.3%
2,871			Bit Digital, Inc. ADR(a)			10,938
6,390			Cipher Mining, Inc.(a)			31,503
5,016			Core Scientific, Inc.(a)			66,663
4,063			PagSeguro Digital Ltd. ADR (Brazil)(a)			32,667
5,896			Riot Platforms, Inc.(a)			54,479
						196,250
			Credit Intermediation and Related Activities — 9.9%
423			Coinbase Global, Inc.(a)			75,823
280			MasterCard, Inc. Class A			139,885
7,432			Terawulf, Inc.(a)			48,457
						264,165
			Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) — 3.0%
4,795			Marathon Digital Holdings, Inc.(a)			80,412
			Management of Companies and Enterprises — 3.1%
399			Globant SA ADR (Luxembourg)(a)			83,746
			Professional, Scientific, and Technical Services — 3.2%
4,917			Cleanspark, Inc.(a)			52,170
3,678			Iris Energy Ltd. ADR (Australia)(a)			33,543
						85,713
			Publishing Industries — 6.3%
1,172			Block, Inc.(a)			84,759
912			Shift4 Payments, Inc.(a)			82,481
						167,240

The accompanying notes are an integral part of these financial statements.

53

Direxion Daily Crypto Industry Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 6.7%
1,775			Bitdeer Technologies Group ADR (Singapore)(a)			$13,827
578			Interactive Brokers Group, Inc.			88,191
3,281			Robinhood Markets, Inc.(a)			77,071
						179,089
			Telecommunications — 5.4%
1,803			PayPal Holdings, Inc.(a)			142,978
			TOTAL COMMON STOCKS (Cost $1,878,046)			$1,876,103
			SHORT TERM INVESTMENTS — 35.3%
			Money Market Funds — 35.3%
393,825			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$393,825
210,009			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(b)			210,009
340,000			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			340,000
			TOTAL SHORT TERM INVESTMENTS (Cost $943,834)			$943,834
			TOTAL INVESTMENTS (Cost $2,821,880) — 105.5%(c)			$2,819,937
			Liabilities in Excess of Other Assets — (5.5)%			(149,294)
			TOTAL NET ASSETS — 100.0%			$2,670,643

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,402,643.

ADR - American Depository Receipt

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of Solactive Distributed Ledger & Decentralized Payment Tech Index

5.7200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

333

$1,178,293

$114,566

Total return of Solactive Distributed Ledger & Decentralized Payment Tech Index

5.8200% representing 1 month SOFR rate + spread

Barclays

12/23/2024

551

2,264,059

(145,448)

$3,442,352

$(30,882)

The accompanying notes are an integral part of these financial statements.

54

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 63.2%
			Computer and Electronic Product Manufacturing — 5.2%
41,334			Indie Semiconductor, Inc.(a)			$136,816
21,748			QuantumScape Corp.(a)(b)			112,002
						248,818
			Management of Companies and Enterprises — 5.5%
8,651			EHang Holdings Ltd. ADR (China)(a)			147,327
107,910			Polestar Automotive Holding UK PLC ADR (Sweden)(a)(b)			119,780
						267,107
			Motor Vehicle and Parts Dealers — 2.6%
15,812			EVgo, Inc.(a)			123,966
			Rental and Leasing Services — 3.1%
48,205			Cerence, Inc.(a)			146,784
			Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 8.0%
108,740			ChargePoint Holdings, Inc.(a)(b)			130,488
50,464			Nio, Inc. ADR (China)(a)(b)			257,366
						387,854
			Transportation Equipment Manufacturing — 38.8%
4,226			BorgWarner, Inc.			142,120
4,766			Gentex Corp.			144,457
12,132			Hesai Group ADR (China)(a)			54,594
9,172			Li Auto, Inc. ADR (China)(a)			229,392
56,545			Lucid Group, Inc.(a)			124,964
176,881			Luminar Technologies, Inc.(a)(b)			137,154
11,300			Mobileye Global, Inc. (Israel)(a)			153,793
33,498			Nikola Corp.(a)(b)			131,647
24,095			Rivian Automotive, Inc.(a)			243,360
965			Tesla, Inc.(a)			241,105
24,003			XPeng, Inc. ADR (China)(a)(b)			269,554
						1,872,140
			TOTAL COMMON STOCKS (Cost $3,336,324)			$3,046,669

The accompanying notes are an integral part of these financial statements.

55

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			SHORT TERM INVESTMENTS — 61.9%
			Money Market Funds — 61.9%
2,603,660			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$2,603,660
58,881			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(c)			58,881
322,313			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			322,313
			TOTAL SHORT TERM INVESTMENTS (Cost $2,984,854)			$2,984,854
			TOTAL INVESTMENTS (Cost $6,321,178) — 125.1%(e)			$6,031,523
			Liabilities in Excess of Other Assets — (25.1)%			(1,208,237)
			TOTAL NET ASSETS — 100.0%			$4,823,286

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,114,770.

ADR - American Depository Receipt

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of Indxx US Electric and Autonomous Vehicles Index

4.9700% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

5,310

$3,391,940

$(8,243)

Total return of Indxx US Electric and Autonomous Vehicles Index

5.4700% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

968

597,519

2,992

Total return of Indxx US Electric and Autonomous Vehicles Index

4.8200% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

4,028

2,342,596

206,697

$ 6,332,055

$201,446

The accompanying notes are an integral part of these financial statements.

56

Direxion Daily Energy Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 70.7%
			Gasoline Stations and Fuel Dealers — 11.0%
229,249			Chevron Corp.			$34,116,836
			Machinery Manufacturing — 2.0%
162,386			Baker Hughes Co.			6,183,659
			Oil and Gas Extraction — 27.6%
60,464			APA Corp.			1,426,950
120,843			Coterra Energy, Inc.			2,890,565
102,360			Devon Energy Corp.			3,959,285
30,626			Diamondback Energy, Inc.			5,413,758
78,923			EOG Resources, Inc.			9,625,449
97,101			EQT Corp.			3,548,070
433,218			Exxon Mobil Corp.			50,591,198
91,438			Marathon Oil Corp.			2,532,833
110,062			Occidental Petroleum Corp.			5,515,207
						85,503,315
			Petroleum and Coal Products Manufacturing — 13.0%
156,515			ConocoPhillips			17,144,653
54,708			Marathon Petroleum Corp.			7,958,373
68,420			Phillips 66			8,334,924
52,371			Valero Energy Corp.			6,795,661
						40,233,611
			Pipeline Transportation — 5.3%
35,811			Targa Resources Corp.			5,979,004
199,248			Williams Companies, Inc.			10,434,618
						16,413,622
			Support Activities for Mining — 6.3%
144,308			Halliburton Co.			4,003,104
45,177			Hess Corp.			6,075,403
232,114			Schlumberger Ltd. ADR (Curaco)			9,300,808
						19,379,315
			Utilities — 5.5%
315,632			Kinder Morgan, Inc.			7,736,140
95,473			ONEOK, Inc.			9,249,424
						16,985,564
			TOTAL COMMON STOCKS (Cost $219,812,278)			$218,815,922

The accompanying notes are an integral part of these financial statements.

57

Direxion Daily Energy Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 28.1%
			Money Market Funds — 28.1%
71,908,438			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$71,908,438
14,644,889			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			14,644,889
209,925			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			209,925
			TOTAL SHORT TERM INVESTMENTS (Cost $86,763,252)			$86,763,252
			TOTAL INVESTMENTS (Cost $306,575,530) — 98.8%(b)			$305,579,174
			Other Assets in Excess of Liabilities — 1.2%			3,630,871
			TOTAL NET ASSETS — 100.0%			$309,210,045

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $156,194,403.

ADR - American Depository Receipt

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of Energy Select Sector Index

5.3100% representing 1 month SOFR rate + spread

BNP Paribas

12/4/2024

68,451

$60,704,602

$1,805,145

Total return of Energy Select Sector Index

5.6200% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

59,814

52,114,314

2,518,071

Total return of Energy Select Sector Index

5.5500% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

92,387

83,922,132

917,253

Total return of Energy Select Sector Index

5.4700% representing 1 month SOFR rate + spread

Barclays

12/23/2024

207,970

184,089,682

5,702,177

$380,830,730

$10,942,646

The accompanying notes are an integral part of these financial statements.

58

Direxion Daily Energy Bear 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 106.5%
			Money Market Funds — 106.5%
19,726,470			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$19,726,470
1,102,495			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			1,102,495
3,789,786			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			3,789,786
			TOTAL SHORT TERM INVESTMENTS (Cost $24,618,751)(b)			$24,618,751
			TOTAL INVESTMENTS (Cost $24,618,751) — 106.5%			$24,618,751
			Liabilities in Excess of Other Assets — (6.5)%			(1,504,497)
			TOTAL NET ASSETS — 100.0%			$23,114,254

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $10,706,581.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

4.8600% representing 1 month SOFR rate + spread

Total return of Energy Select Sector Index

BNP Paribas

12/4/2024

16,142

$15,483,889

$502,717

5.4200% representing 1 month SOFR rate + spread

Total return of Energy Select Sector Index

J.P. Morgan

12/16/2024

19,824

19,554,347

1,350,701

5.1600% representing 1 month SOFR rate + spread

Total return of Energy Select Sector Index

UBS Securities LLC

12/17/2024

7,961

7,752,702

447,420

5.1700% representing 1 month SOFR rate + spread

Total return of Energy Select Sector Index

Barclays

12/23/2024

5,659

5,113,779

(76,213)

$ 47,904,717

$2,224,625

The accompanying notes are an integral part of these financial statements.

59

Direxion Daily Gold Miners Index Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			INVESTMENT COMPANIES — 49.2%
6,917,894			VanEck Gold Miners ETF(a)			$279,067,844
			TOTAL INVESTMENT COMPANIES (Cost $267,047,553)			$279,067,844
			SHORT TERM INVESTMENTS — 54.2%
			Money Market Funds — 54.2%
233,480,237			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$233,480,237
25,194,615			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(b)			25,194,615
48,575,984			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			48,575,984
			TOTAL SHORT TERM INVESTMENTS (Cost $307,250,836)			$307,250,836
			TOTAL INVESTMENTS (Cost $574,298,389) — 103.4%(c)			$586,318,680
			Liabilities in Excess of Other Assets — (3.4)%			(19,481,621)
			TOTAL NET ASSETS — 100.0%			$566,837,059

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $365,369,379.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of VanEck Gold Miners ETF

5.6100% representing 1 month SOFR rate + spread

BNP Paribas

12/4/2024

2,203,832

$81,879,780

$6,021,275

Total return of VanEck Gold Miners ETF

5.5700% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

3,033,950

96,131,517

22,939,880

Total return of VanEck Gold Miners ETF

5.8200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

4,006,450

120,738,641

36,651,743

Total return of VanEck Gold Miners ETF

5.5600% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

4,314,835

127,613,224

41,967,461

Total return of VanEck Gold Miners ETF

5.5700% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

4,612,080

138,298,758

41,972,244

Total return of VanEck Gold Miners ETF

5.6900% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

3,014,729

88,673,823

29,950,819

$653,335,743

$179,503,422

The accompanying notes are an integral part of these financial statements.

60

Direxion Daily Gold Miners Index Bear 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 111.9%
			Money Market Funds — 111.9%
64,997,045			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$64,997,045
41,333,796			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			41,333,796
			TOTAL SHORT TERM INVESTMENTS (Cost $106,330,841)(b)			$106,330,841
			TOTAL INVESTMENTS (Cost $106,330,841) — 111.9%			$ 106,330,841
			Liabilities in Excess of Other Assets — (11.9)%			(11,348,161)
			TOTAL NET ASSETS — 100.0%			$94,982,680

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $55,478,025.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

5.2000% representing 1 month SOFR rate + spread

Total return of VanEck Gold Miners ETF

BNP Paribas

12/4/2024

574,121

$24,557,962

$1,206,914

5.6200% representing 1 month SOFR rate + spread

Total return of VanEck Gold Miners ETF

Bank of America Merrill Lynch

12/11/2024

1,596,888

57,577,778

(5,982,029)

5.2200% representing 1 month SOFR rate + spread

Total return of VanEck Gold Miners ETF

J.P. Morgan

12/16/2024

426,114

14,917,714

(1,880,703)

4.9700% representing 1 month SOFR rate + spread

Total return of VanEck Gold Miners ETF

UBS Securities LLC

12/17/2024

1,170,394

43,498,737

(3,001,380)

5.4500% representing 1 month SOFR rate + spread

Total return of VanEck Gold Miners ETF

Citibank N.A.

12/19/2024

942,217

36,141,742

(1,607,641)

$176,693,933

$(11,264,839)

The accompanying notes are an integral part of these financial statements.

61

Direxion Daily Junior Gold Miners Index Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			INVESTMENT COMPANIES — 34.2%
2,136,610			VanEck Junior Gold Miners ETF (a)			$110,206,344
			TOTAL INVESTMENT COMPANIES (Cost $101,822,627)			$110,206,344
			SHORT TERM INVESTMENTS — 70.4%
			Money Market Funds — 70.4%
222,619,680			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$ 222,619,680
4,504,940			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			4,504,940
			TOTAL SHORT TERM INVESTMENTS (Cost $227,124,620)			$227,124,620
			TOTAL INVESTMENTS (Cost $328,947,247) — 104.6%(c)			$ 337,330,964
			Liabilities in Excess of Other Assets — (4.6)%			(14,732,522)
			TOTAL NET ASSETS — 100.0%			$322,598,442

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $158,375,148.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of VanEck Junior Gold Miners ETF

5.6100% representing 1 month SOFR rate + spread

BNP Paribas

12/4/2024

2,886,204

$100,991,260

$43,709,845

Total return of VanEck Junior Gold Miners ETF

5.5200% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

2,017,105

74,150,211

27,313,999

Total return of VanEck Junior Gold Miners ETF

5.5600% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

3,582,072

126,986,097

52,244,200

Total return of VanEck Junior Gold Miners ETF

5.5000% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

1,885,084

94,560,900

2,230,372

$ 396,688,468

$125,498,416

The accompanying notes are an integral part of these financial statements.

62

Direxion Daily Junior Gold Miners Index Bear 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 125.8%
			Money Market Funds — 125.8%
52,100,842			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$52,100,842
17,015,678			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			17,015,678
			TOTAL SHORT TERM INVESTMENTS (Cost $69,116,520)(b)			$69,116,520
			TOTAL INVESTMENTS (Cost $69,116,520) — 125.8%			$69,116,520
			Liabilities in Excess of Other Assets — (25.8)%			(14,180,523)
			TOTAL NET ASSETS — 100.0%			$54,935,997

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $35,868,769.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

5.2000% representing 1 month SOFR rate + spread

Total return of VanEck Junior Gold Miners ETF

BNP Paribas

12/5/2024

458,833

$21,615,799

$(1,871,482)

5.2200% representing 1 month SOFR rate + spread

Total return of VanEck Junior Gold Miners ETF

J.P. Morgan

12/16/2024

634,223

26,920,795

(5,280,671)

4.9700% representing 1 month SOFR rate + spread

Total return of VanEck Junior Gold Miners ETF

UBS Securities LLC

12/17/2024

579,416

23,347,298

(5,847,138)

5.2200% representing 1 month SOFR rate + spread

Total return of VanEck Junior Gold Miners ETF

Citibank N.A.

12/19/2024

457,437

24,457,302

933,735

$96,341,194

$(12,065,556)

The accompanying notes are an integral part of these financial statements.

63

Direxion Daily Magnificent 7 Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 29.4%
			Computer and Electronic Product Manufacturing — 13.1%
4,775			Alphabet, Inc. Class A			$817,050
3,423			Apple, Inc.			773,290
6,734			NVIDIA Corp.			894,006
						2,484,346
			General Merchandise Retailers — 4.0%
4,077			Amazon.com, Inc.(a)			759,953
			Professional, Scientific, and Technical Services — 4.2%
1,392			Meta Platforms, Inc. Class A			790,072
			Publishing Industries — 3.8%
1,795			Microsoft Corp.			729,398
			Transportation Equipment Manufacturing — 4.3%
3,279			Tesla, Inc.(a)			819,258
			TOTAL COMMON STOCKS (Cost $4,878,984)			$5,583,027
			SHORT TERM INVESTMENTS — 77.2%
			Money Market Funds — 77.2%
8,104,158			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			8,104,158
1,392,440			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(b)			1,392,440
120,450			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(b)			120,450
5,060,000			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			5,060,000
			TOTAL SHORT TERM INVESTMENTS (Cost $14,677,048)			$14,677,048
			TOTAL INVESTMENTS (Cost $19,556,032) — 106.6%(c)			$20,260,075
			Liabilities in Excess of Other Assets — (6.6)%			(1,256,199)
			TOTAL NET ASSETS — 100.0%			$19,003,876

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $10,917,485.

The accompanying notes are an integral part of these financial statements.

64

Direxion Daily Magnificent 7 Bull 2X Shares

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of Indxx Magnificent 7 Index

5.5200% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

2,681

$16,576,918

$1,012,976

Total return of Indxx Magnificent 7 Index

5.6200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/13/2024

2,224

15,065,190

(387,117)

Total return of Indxx Magnificent 7 Index

5.8200% representing 1 month SOFR rate + spread

Barclays

12/23/2024

1

6,197

352

$31,648,305

$626,211

The accompanying notes are an integral part of these financial statements.

65

Direxion Daily NYSE FANG+ Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 44.7%
			Computer and Electronic Product Manufacturing — 18.3%
16,451			Alphabet, Inc.			$2,814,931
11,913			Apple, Inc.			2,691,266
16,262			Broadcom, Inc.			2,760,800
23,190			NVIDIA Corp.			3,078,704
						11,345,701
			General Merchandise Retailers — 4.2%
14,102			Amazon.com, Inc.(a)			2,628,613
			Motion Picture and Sound Recording Industries — 4.6%
3,808			Netflix, Inc.(a)			2,878,962
			Professional, Scientific, and Technical Services — 8.9%
4,887			Meta Platforms, Inc.			2,773,763
2,953			ServiceNow, Inc.(a)			2,755,120
						5,528,883
			Publishing Industries — 8.7%
9,842			CrowdStrike Holdings, Inc.(a)			2,921,794
6,102			Microsoft Corp.			2,479,548
						5,401,342
			TOTAL COMMON STOCKS (Cost $27,007,417)			$27,783,501
			SHORT TERM INVESTMENTS — 60.3%
			Money Market Funds — 60.3%
29,114,516			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$29,114,516
2,130,004			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(b)			2,130,004
6,223,180			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			6,223,180
			TOTAL SHORT TERM INVESTMENTS (Cost $37,467,700)			$37,467,700
			TOTAL INVESTMENTS (Cost $64,475,117) — 105.0%(c)			$ 65,251,201
			Liabilities in Excess of Other Assets — (5.0)%			(3,118,848)
			TOTAL NET ASSETS — 100.0%			$62,132,353

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $30,526,670.

The accompanying notes are an integral part of these financial statements.

66

Direxion Daily NYSE FANG+ Bull 2X Shares

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of NYSE FANG+ Index

5.7000% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

2,204

$24,321,999

$1,063,577

Total return of NYSE FANG+ Index

5.6200% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

3,538

34,001,020

5,762,783

Total return of NYSE FANG+ Index

5.5700% representing 1 month SOFR rate + spread

Barclays

12/23/2024

2,080

18,058,974

5,224,711

Total return of NYSE FANG+ Index

5.7100% representing 1 month SOFR rate + spread

J.P. Morgan

5/12/2025

483

5,344,215

203,997

$ 81,726,208

$12,255,068

The accompanying notes are an integral part of these financial statements.

67

Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			INVESTMENT COMPANIES — 44.8%
396,366			Global X Robotics & Artificial Intelligence ETF(a)			$12,588,585
			TOTAL INVESTMENT COMPANIES (Cost $11,953,595)			$12,588,585
			SHORT TERM INVESTMENTS — 57.9%
			Money Market Funds — 57.9%
10,895,461			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$10,895,461
189,299			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(b)			189,299
5,200,986			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			5,200,986
			TOTAL SHORT TERM INVESTMENTS (Cost $16,285,746)			$16,285,746
			TOTAL INVESTMENTS (Cost $28,239,341) — 102.7%(c)			$28,874,331
			Liabilities in Excess of Other Assets — (2.7)%			(755,401)
			TOTAL NET ASSETS — 100.0%			$28,118,930

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $7,576,215.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index

5.6200% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

40,381

$1,155,055

$87,616

Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index

5.6100% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

503,423

14,512,513

974,472

Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index

5.5700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

767,075

21,696,663

1,631,658

Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index

5.6700% representing 1 month SOFR rate + spread

Barclays

12/23/2024

63,479

1,987,838

11,986

$39,352,069

$2,705,732

The accompanying notes are an integral part of these financial statements.

68

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 62.5%
			Gasoline Stations and Fuel Dealers — 2.2%
41,290			Chevron Corp.			$6,144,778
112,916			Delek US Holdings, Inc.			1,769,393
						7,914,171
			Merchant Wholesalers, Durable Goods — 0.2%
16,361			REX American Resources Corp.(a)			731,828
			Merchant Wholesalers, Nondurable Goods — 1.8%
128,473			HF Sinclair Corp.			4,960,342
48,778			World Kinect Corp.			1,275,545
						6,235,887
			Oil and Gas Extraction — 40.4%
219,163			Antero Resources Corp.(a)			5,671,938
242,517			APA Corp.			5,723,401
117,375			Berry Petroleum Corp.			589,222
80,213			California Resources Corp.			4,168,670
43,309			Chord Energy Corp.			5,417,956
148,273			Clean Energy Fuels Corp.(a)			419,613
212,353			CNX Resources Corp.(a)			7,226,373
159,759			Comstock Resources, Inc.(b)			1,846,814
254,861			Coterra Energy, Inc.			6,096,275
285,756			Crescent Energy Co.			3,551,947
147,167			Devon Energy Corp.			5,692,419
33,669			Diamondback Energy, Inc.			5,951,669
48,636			EOG Resources, Inc.			5,931,647
174,923			EQT Corp.			6,391,686
79,295			Expand Energy Corp.			6,717,872
52,227			Exxon Mobil Corp.			6,099,069
119,333			Green Plains, Inc.(a)			1,459,443
675,746			Kosmos Energy Ltd.(a)			2,540,805
227,497			Magnolia Oil & Gas Corp.(b)			5,751,124
222,184			Marathon Oil Corp.			6,154,497
116,490			Matador Resources Co.			6,070,294
169,908			Murphy Oil Corp.			5,348,704
138,563			Northern Oil and Gas, Inc.			5,022,909
113,725			Occidental Petroleum Corp.			5,698,760
112,358			Par Pacific Holdings, Inc.(a)			1,735,931
430,368			Permian Resources Corp.			5,865,916
199,990			Range Resources Corp.			6,005,700
24,863			Sable Offshore Corp.(a)(b)			555,937
30,022			SandRidge Energy, Inc.			332,944
148,263			SM Energy Co.(b)			6,222,598
116,033			VAALCO Energy, Inc.(b)			619,616
84,443			Viper Energy, Inc.			4,382,592
16,650			Vitesse Energy, Inc.(b)			414,085
						141,678,426

The accompanying notes are an integral part of these financial statements.

69

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Petroleum and Coal Products Manufacturing — 8.6%
56,091			ConocoPhillips			$6,144,208
65,207			CVR Energy, Inc.(b)			1,036,791
35,493			Marathon Petroleum Corp.			5,163,167
172,871			PBF Energy, Inc.			4,930,281
45,824			Phillips 66			5,582,280
43,245			Valero Energy Corp.			5,611,471
60,881			Vital Energy, Inc.(a)			1,660,225
						30,128,423
			Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 0.4%
58,652			Sitio Royalties Corp.			1,307,353
			Support Activities for Mining — 6.5%
109,647			Civitas Resources, Inc.			5,349,677
21,367			Gulfport Energy Corp.(a)			2,958,048
45,155			Hess Corp.			6,072,445
31,598			HighPeak Energy, Inc.(b)			404,454
149,591			Ovintiv, Inc.			5,863,967
206,809			Talos Energy, Inc.(a)(b)			2,113,588
						22,762,179
			Utilities — 2.4%
7,179			Texas Pacific Land Corp.(b)			8,370,714
			TOTAL COMMON STOCKS (Cost $249,474,642)			$219,128,981
			SHORT TERM INVESTMENTS — 43.1%
			Money Market Funds — 43.1%
112,166,397			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			112,166,397
1,244,068			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(c)			1,244,068
37,538,470			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			37,538,470
			TOTAL SHORT TERM INVESTMENTS (Cost $150,948,935)			$150,948,935
			TOTAL INVESTMENTS (Cost $400,423,577) — 105.6%(e)			$370,077,916
			Liabilities in Excess of Other Assets — (5.6)%			(20,026,572)
			TOTAL NET ASSETS — 100.0%			$350,051,344

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $219,399,929.

The accompanying notes are an integral part of these financial statements.

70

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Depreciation

Total return of S&P Oil & Gas Exploration & Production Select Industry Index

5.3600% representing 1 month SOFR rate + spread

BNP Paribas

12/4/2024

8,815

$46,522,573

$(3,454,394)

Total return of S&P Oil & Gas Exploration & Production Select Industry Index

5.3600% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

16,612

83,489,284

(1,878,724)

Total return of S&P Oil & Gas Exploration & Production Select Industry Index

5.4700% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

14,536

73,155,618

(639,124)

Total return of S&P Oil & Gas Exploration & Production Select Industry Index

5.5400% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

13,657

68,282,865

(724,819)

Total return of S&P Oil & Gas Exploration & Production Select Industry Index

5.5900% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

16,865

87,408,006

(4,638,071)

Total return of S&P Oil & Gas Exploration & Production Select Industry Index

5.3500% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

24,834

131,056,323

(8,462,900)

$489,914,669

$(19,798,032)

The accompanying notes are an integral part of these financial statements.

71

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 98.5%
			Money Market Funds — 98.5%
26,113,580			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$26,113,580
5,235,785			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			5,235,785
8,280,432			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			8,280,432
			TOTAL SHORT TERM INVESTMENTS (Cost $39,629,797)(b)			$39,629,797
			TOTAL INVESTMENTS (Cost $39,629,797) — 98.5%			$ 39,629,797
			Other Assets in Excess of Liabilities — 1.5%			592,550
			TOTAL NET ASSETS — 100.0%			$40,222,347

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $16,866,126.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

5.1200% representing 1 month SOFR rate + spread

Total return of S&P Oil & Gas Exploration & Production Select Industry Index

Goldman Sachs

12/10/2024

5,144

$27,677,832

$1,884,485

5.2700% representing 1 month SOFR rate + spread

Total return of S&P Oil & Gas Exploration & Production Select Industry Index

Bank of America Merrill Lynch

12/11/2024

941

5,301,487

619,875

5.3000% representing 1 month SOFR rate + spread

Total return of S&P Oil & Gas Exploration & Production Select Industry Index

J.P. Morgan

12/16/2024

1,715

8,527,203

90,833

5.1700% representing 1 month SOFR rate + spread

Total return of S&P Oil & Gas Exploration & Production Select Industry Index

UBS Securities LLC

12/17/2024

3,702

22,051,810

3,765,871

5.0900% representing 1 month SOFR rate + spread

Total return of S&P Oil & Gas Exploration & Production Select Industry Index

Citibank N.A.

12/19/2024

4,441

24,926,052

2,793,489

$ 88,484,384

$9,154,553

The accompanying notes are an integral part of these financial statements.

72

Direxion Daily Travel & Vacation Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 76.1%
			Accommodation — 28.7%
1,972			Airbnb, Inc. Class A(a)			$265,806
3,862			Apple Hospitality REIT, Inc.			57,042
1,226			Boyd Gaming Corp.			84,950
553			Choice Hotels International, Inc.			77,149
1,314			Hilton Grand Vacations, Inc.(a)			48,460
1,398			Hilton Worldwide Holdings, Inc.			328,320
5,792			Host Hotels & Resorts, Inc.			99,854
2,586			Huazhu Group Ltd. ADR			94,880
472			Hyatt Hotels Corp.			68,652
1,345			InterContinental Hotels Group PLC ADR (United Kingdom)(b)			149,900
3,997			Las Vegas Sands Corp.			207,244
1,245			Marriott International, Inc. Class A			323,725
6,548			Melco Resorts & Entertainment Ltd. ADR(a)			44,003
2,676			MGM Resorts International(a)			98,664
3,885			Park Hotels & Resorts, Inc.			53,963
3,013			Penn Entertainment, Inc.(a)			59,507
5,071			Sunstone Hotel Investors, Inc.			51,166
1,301			Travel + Leisure Co.			62,201
394			Vail Resorts, Inc.			65,282
1,006			Wyndham Hotels & Resorts, Inc.			88,850
1,103			Wynn Resorts Ltd.			105,910
						2,435,528
			Administrative and Support Services — 11.1%
75			Booking Holdings, Inc.			350,719
1,450			Live Nation Entertainment, Inc.(a)			169,853
886			MakeMyTrip Ltd. ADR (India)(a)			89,920
1,385			Royal Caribbean Cruises Ltd. ADR (Liberia)			285,795
2,902			TripAdvisor, Inc.(a)			46,548
						942,835
			Air Transportation — 13.8%
1,739			Alaska Air Group, Inc.(a)			83,316
842			Allegiant Travel Co.			54,739
7,806			American Airlines Group, Inc.(a)			104,600
555			Copa Holdings SA ADR (Panama)			54,002
4,933			Delta Air Lines, Inc.			282,266
9,042			JetBlue Airways Corp.(a)(b)			51,539
3,240			Ryanair Holdings PLC ADR (Ireland)			143,402
715			SkyWest, Inc.(a)			68,068
4,112			Southwest Airlines Co.			125,745
2,600			United Continental Holdings, Inc.(a)			203,476
						1,171,153
			Amusement, Gambling, and Recreation Industries — 3.9%
2,923			The Walt Disney Co.			281,193
1,061			United Parks & Resorts, Inc.(a)			55,840
						337,033

The accompanying notes are an integral part of these financial statements.

73

Direxion Daily Travel & Vacation Bull 2X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Management of Companies and Enterprises — 5.5%
4,594			Norwegian Cruise Line Holdings Ltd. ADR(a)			$116,412
5,424			Trip.com Group Ltd. ADR (China)(a)			349,306
						465,718
			Performing Arts, Spectator Sports, and Related Industries — 2.2%
2,351			Caesars Entertainment, Inc.(a)			94,158
681			Churchill Downs, Inc.			95,408
						189,566
			Real Estate — 6.2%
2,650			Gaming & Leisure Properties, Inc.			133,004
649			Marriott Vacations Worldwide Corp.			49,992
3,319			Pebblebrook Hotel Trust			39,762
755			Ryman Hospitality Properties, Inc.			80,823
7,145			VICI Properties, Inc.			226,925
						530,506
			Support Activities for Transportation — 2.2%
1,195			Expedia, Inc.(a)			186,790
			Water Transportation — 2.5%
9,623			Carnival Corp. ADR (Panama)(a)			211,705
			TOTAL COMMON STOCKS (Cost $6,754,840)			$6,470,834
			SHORT TERM INVESTMENTS — 26.4%
			Money Market Funds — 26.4%
1,426,742			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$1,426,742
812,907			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			812,907
			TOTAL SHORT TERM INVESTMENTS (Cost $2,239,649)			$2,239,649
			TOTAL INVESTMENTS (Cost $8,994,489) — 102.5%(e)			$8,710,483
			Liabilities in Excess of Other Assets — (2.5)%			(216,657)
			TOTAL NET ASSETS — 100.0%			$8,493,826

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $4,058,088.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

74

Direxion Daily Travel & Vacation Bull 2X Shares

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of BlueStar® Travel and Vacation Index

5.4700% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

23,896

$3,959,267

$101,950

Total return of BlueStar® Travel and Vacation Index

5.6200% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

36,920

5,464,160

693,437

$9,423,427

$795,387

The accompanying notes are an integral part of these financial statements.

75

Direxion Daily Uranium Industry Bull 2X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			INVESTMENT COMPANIES — 47.6%
83,733			Global X Uranium ETF(a)			$2,573,115
25,100			Sprott Uranium Miners ETF(a)			1,186,226
			TOTAL INVESTMENT COMPANIES (Cost $3,809,802)			$3,759,341
			SHORT TERM INVESTMENTS — 57.7%
			Money Market Funds — 57.7%
2,387,826			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$2,387,826
662,027			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(b)			662,027
1,500,748			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			1,500,748
			TOTAL SHORT TERM INVESTMENTS (Cost $4,550,601)			$4,550,601
			TOTAL INVESTMENTS (Cost $8,360,403) — 105.3%(c)			$8,309,942
			Liabilities in Excess of Other Assets — (5.3)%			(416,613)
			TOTAL NET ASSETS — 100.0%			$7,893,329

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,732,775.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of Solactive United States Uranium and Nuclear Energy ETF Select Index

5.7700% representing 1 month SOFR rate + spread

BNP Paribas

12/5/2024

66

$295,127

$(15,091)

Total return of Solactive United States Uranium and Nuclear Energy ETF Select Index

5.7200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

1,943

8,177,654

88,447

Total return of Solactive United States Uranium and Nuclear Energy ETF Select Index

5.5200% representing 1 month SOFR rate + spread

Goldman Sachs

9/24/2025

807

2,941,378

481,878

$11,414,159

$555,234

The accompanying notes are an integral part of these financial statements.

76

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024

			Direxion Daily S&P 500® Bear 1X Shares			Direxion Daily AAPL Bear 1X Shares			Direxion Daily AMZN Bear 1X Shares			Direxion Daily AVGO Bear 1X Shares
Assets:
Investments, at fair value (Note 2)			$159,015,626			$25,532,884			$4,119,292			$2,504,142
Receivable for Fund shares sold			1,137,515			—			—			—
Due from Adviser, net (Note 6)			—			—			—			10,234
Dividend and interest receivable			655,943			105,880			16,692			7,076
Due from broker for swap contracts			—			5,606			7,478			17,297
Unrealized appreciation on swap contracts			756,589			62,903			17,426			204,687
Prepaid expenses and other assets			33,395			166			300			—
Total assets			161,599,068			25,707,439			4,161,188			2,743,436
Liabilities:
Payable for Fund shares redeemed			5,687,578			—			—			—
Unrealized depreciation on swap contracts			8,551,167			184,753			6,815			—
Due to Adviser, net (Note 6)			7,142			8,951			2,276			—
Due to broker for swap contracts			—			5,998			10,358			—
Accrued expenses and other liabilities			45,272			9,839			5,223			11,690
Total liabilities			14,291,159			209,541			24,672			11,690
Net Assets			$147,307,909			$25,497,898			$4,136,516			$2,731,746
Net Assets Consist of:
Capital stock			$353,191,429			$37,090,254			$7,226,589			$2,500,025
Total distributable earnings (loss)			(205,883,520)			(11,592,356)			(3,090,073)			231,721
Net assets			$147,307,909			$25,497,898			$4,136,516			$2,731,746
Calculation of Net Asset Value Per Share:
Net assets			$147,307,909			$25,497,898			$4,136,516			$2,731,746
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			12,949,983			1,500,001			300,001			100,001
Net assets value, redemption price and offering price per share			​$11.38			$17.00			$13.79			$27.32
Cost of Investments			$159,015,626			$25,532,884			$4,119,292			$2,504,142

The accompanying notes are an integral part of these financial statements.

77

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily GOOGL Bear 1X Shares			Direxion Daily META Bear 1X Shares			Direxion Daily MSFT Bear 1X Shares			Direxion Daily MU Bear 1X Shares
Assets:
Investments, at fair value (Note 2)			$4,436,729			$6,377,260			$7,567,567			$2,449,027
Due from Adviser, net (Note 6)			—			6,720			—			10,364
Dividend and interest receivable			18,019			24,687			27,202			6,982
Due from broker for swap contracts			34,820			9,061			6,762			4,518
Unrealized appreciation on swap contracts			98,946			50,558			503,393			80,112
Prepaid expenses and other assets			255			695			210			—
Total assets			4,588,769			6,468,981			8,105,134			2,551,003
Liabilities:
Unrealized depreciation on swap contracts			174,326			254,136			—			—
Due to Adviser, net (Note 6)			2,351			—			4,105			—
Due to broker for swap contracts			290,545			9,347			212,190			4,736
Accrued expenses and other liabilities			5,312			7,600			6,015			11,682
Total liabilities			472,534			271,083			222,310			16,418
Net Assets			$4,116,235			$6,197,898			$7,882,824			$2,534,585
Net Assets Consist of:
Capital stock			$6,982,694			$6,675,787			$11,769,429			$2,500,025
Total distributable earnings (loss)			(2,866,459)			(477,889)			(3,886,605)			34,560
Net assets			$4,116,235			$6,197,898			$7,882,824			$2,534,585
Calculation of Net Asset Value Per Share:
Net assets			$4,116,235			$6,197,898			$7,882,824			$2,534,585
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			300,001			300,001			550,001			100,001
Net assets value, redemption price and offering price per share			​$13.72			$20.66			$14.33			$25.35
Cost of Investments			$4,436,729			$6,377,260			$7,567,567			$2,449,027

The accompanying notes are an integral part of these financial statements.

78

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily NFLX Bear 1X Shares			Direxion Daily NVDA Bear 1X Shares			Direxion Daily TSLA Bear 1X Shares			Direxion Daily TSM Bear 1X Shares
Assets:
Investments, at fair value (Note 2)			$4,752,990			$29,735,377			$56,378,874			$3,977,737
Receivable for Fund shares sold			—			2,333,206			3,514			—
Due from Adviser, net (Note 6)			15,991			—			—			9,860
Dividend and interest receivable			13,216			112,944			195,984			11,226
Due from broker for swap contracts			7,913			12,213			97,539			9,366
Unrealized appreciation on swap contracts			—			295,078			282,982			97,816
Prepaid expenses and other assets			—			​654			252			—
Total assets			4,790,110			​32,489,472			56,959,145			4,106,005
Liabilities:
Payable for Fund shares redeemed			—			1,499,629			11,714,909			—
Unrealized depreciation on swap contracts			110,953			1,305,555			408,620			91,146
Due to Adviser, net (Note 6)			—			3,854			14,596			—
Due to broker for swap contracts			9,841			12,678			784,407			9,658
Accrued expenses and other liabilities			11,985			​8,653			14,681			11,933
Total liabilities			132,779			​2,830,369			12,937,213			112,737
Net Assets			$4,657,331			$29,659,103			$44,021,932			$3,993,268
Net Assets Consist of:
Capital stock			$4,829,345			$41,340,925			$74,138,684			$4,117,642
Total distributable loss			(172,014)			(11,681,822)			(30,116,752)			(124,374)
Net assets			$4,657,331			$29,659,103			$44,021,932			$3,993,268
Calculation of Net Asset Value Per Share:
Net assets			$4,657,331			$29,659,103			$44,021,932			$3,993,268
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			200,001			4,450,001			3,100,001			175,001
Net assets value, redemption price and offering price per share			​$23.29			$6.66			$14.20			$22.82
Cost of Investments			$4,752,990			$29,735,377			$56,378,874			$3,977,737

The accompanying notes are an integral part of these financial statements.

79

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily Crypto Industry Bear 1X Shares			Direxion Daily Magnificent 7 Bear 1X Shares			Direxion Daily AAPL Bull 2X Shares			Direxion Daily AMZN Bull 2X Shares
Assets:
Investments, at fair value (Note 2)			$2,527,147			$2,553,237			$101,283,563			$167,820,118
Receivable for Fund shares sold			—			—			—			800,197
Due from Adviser, net (Note 6)			​14,586			791			—			—
Dividend and interest receivable			10,864			10,381			322,165			473,243
Due from broker for swap contracts			—			3,594			93,637			—
Unrealized appreciation on swap contracts			149,359			—			6,749,922			61
Prepaid expenses and other assets			​1,337			1,208			144			208
Total assets			2,703,293			2,569,211			108,449,431			169,093,827
Liabilities:
Unrealized depreciation on swap contracts			—			101,211			226,058			3,594,415
Due to Adviser, net (Note 6)			—			—			31,735			47,605
Due to broker for swap contracts			100,000			3,982			10,082,866			6,974,995
Accrued expenses and other liabilities			10,396			11,153			28,625			39,797
Total liabilities			110,396			116,346			10,369,284			10,656,812
Net Assets			$2,592,897			$2,452,865			$98,080,147			$158,437,015
Net Assets Consist of:
Capital stock			$2,484,221			$3,263,786			​$78,512,130			​$163,291,574
Total distributable earnings (loss)			108,676			(810,921)			​19,568,017			​(4,854,559)
Net assets			$2,592,897			$2,452,865			​$98,080,147			​$158,437,015
Calculation of Net Asset Value Per Share:
Net assets			$2,592,897			$2,452,865			$98,080,147			$158,437,015
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			100,001			125,001			2,775,001			4,950,001
Net assets value, redemption price and offering price per share			​$25.93			$19.62			$35.34			$32.01
Cost of Investments			$2,527,147			$2,553,237			$97,606,296			$165,938,783

The accompanying notes are an integral part of these financial statements.

80

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily AVGO Bull 2X Shares			Direxion Daily GOOGL Bull 2X Shares			Direxion Daily META Bull 2X Shares			Direxion Daily MSFT Bull 2X Shares
Assets:
Investments, at fair value (Note 2)			$4,626,282			$154,508,029			$56,564,084			$149,968,310
Receivable for Fund shares sold			—			1,960			487			26,520,810
Receivable for investments sold			—			11,976,737			2,837,776			—
Due from Adviser, net (Note 6)			9,950			—			5,651			—
Dividend and interest receivable			8,084			442,914			123,487			406,514
Due from broker for swap contracts			7,837			—			—			—
Unrealized appreciation on swap contracts			—			13,550,548			4,770,158			—
Prepaid expenses and other assets			—			207			694			208
Total assets			4,652,153			180,480,395			64,302,337			176,895,842
Liabilities:
Payable for Fund shares redeemed			—			7,039,527			1,924,919			—
Unrealized depreciation on swap contracts			494,405			—			1,036,905			10,538,967
Due to Adviser, net (Note 6)			—			41,078			—			38,746
Due to broker for swap contracts			40,581			19,516,765			8,591,327			6,965,001
Accrued expenses and other liabilities			11,794			31,595			12,587			30,730
Total liabilities			546,780			26,628,965			11,565,738			17,573,444
Net Assets			$4,105,373			$153,851,430			$52,736,599			$159,322,398
Net Assets Consist of:
Capital stock			$4,727,016			​$142,139,408			​$50,442,615			​$168,359,432
Total distributable earnings (loss)			(621,643)			​11,712,022			​2,293,984			​(9,037,034)
Net assets			$4,105,373			​$153,851,430			​$52,736,599			​$159,322,398
Calculation of Net Asset Value Per Share:
Net assets			$4,105,373			$153,851,430			$52,736,599			$159,322,398
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			200,001			3,925,001			1,625,001			4,100,001
Net assets value, redemption price and offering price per share			​$20.53			$39.20			$32.45			$38.86
Cost of Investments			$4,684,798			$151,984,241			$56,349,940			$149,593,646

The accompanying notes are an integral part of these financial statements.

81

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily MU Bull 2X Shares			Direxion Daily NFLX Bull 2X Shares			Direxion Daily NVDA Bull 2X Shares			Direxion Daily TSLA Bull 2X Shares
Assets:
Investments, at fair value (Note 2)			$5,862,278			$5,283,248			$717,000,919			$2,413,361,229
Receivable for Fund shares sold			—			—			—			473,060
Due from Adviser, net (Note 6)			9,132			15,403			—			—
Dividend and interest receivable			11,502			12,933			2,148,396			6,923,858
Due from broker for swap contracts			—			31,262			1,555,619			4,283,354
Unrealized appreciation on swap contracts			—			384,277			125,012,810			419,481,654
Prepaid expenses and other assets			—			—			​654			630
Total assets			5,882,912			5,727,123			​845,718,398			2,844,523,785
Liabilities:
Payable for Fund shares redeemed			—			—			2,484,726			10,925,095
Unrealized depreciation on swap contracts			529,713			—			15,676,381			619,817
Due to Adviser, net (Note 6)			—			—			227,928			745,086
Due to broker for swap contracts			43,519			193,160			171,464,932			555,769,887
Accrued expenses and other liabilities			11,879			12,037			​117,884			411,492
Total liabilities			585,111			205,197			​189,971,851			568,471,377
Net Assets			$5,297,801			$5,521,926			$655,746,547			$2,276,052,408
Net Assets Consist of:
Capital stock			$5,937,734			​$5,129,249			​$460,653,119			​$2,126,120,420
Total distributable earnings (loss)			(639,933)			​392,677			​195,093,428			​149,931,988
Net assets			$5,297,801			​$5,521,926			​$655,746,547			​$2,276,052,408
Calculation of Net Asset Value Per Share:
Net assets			$5,297,801			$5,521,926			$655,746,547			$2,276,052,408
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			225,001			200,001			6,000,001			191,875,001
Net assets value, redemption price and offering price per share			​$23.55			$27.61			$109.29			$11.86
Cost of Investments			$5,897,335			$5,246,432			$694,819,297			$2,352,515,065

The accompanying notes are an integral part of these financial statements.

82

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily TSM Bull 2X Shares			Direxion Daily CSI 300 China A Share Bull 2X Shares			Direxion Daily CSI China Internet Index Bull 2X Shares			Direxion Daily S&P 500® Bull 2X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)			$24,077,595			$383,850,523			$391,776,073			$155,611,839
Receivable for Fund shares sold			215			—			—			—
Due from Adviser, net (Note 6)			5,688			—			—			—
Dividend and interest receivable			33,821			638,303			851,834			130,476
Due from broker for swap contracts			—			6,008,888			1,836,454			3,467
Unrealized appreciation on swap contracts			—			3,206,563			59,197,572			20,755,418
Prepaid expenses and other assets			—			​2,156			6,965			2,170
Total assets			24,117,319			​393,706,433			453,668,898			176,503,370
Liabilities:
Payable for Fund shares redeemed			715,816			—			13,133			—
Unrealized depreciation on swap contracts			743,486			51,895,940			14,475,253			—
Due to Adviser, net (Note 6)			—			102,081			114,667			61,245
Due to broker for swap contracts			455,102			9,356,256			63,578,575			24,321,188
Accrued expenses and other liabilities			12,866			​79,382			223,299			64,028
Total liabilities			1,927,270			​61,433,659			78,404,927			24,446,461
Net Assets			$22,190,049			$332,272,774			$375,263,971			$152,056,909
Net Assets Consist of:
Capital stock			$23,162,941			​$545,859,841			​$817,322,272			​$115,351,921
Total distributable earnings (loss)			(972,892)			​(213,587,067)			​(442,058,301)			​36,704,988
Net assets			$22,190,049			​$332,272,774			​$375,263,971			​$152,056,909
Calculation of Net Asset Value Per Share:
Net assets			$22,190,049			$332,272,774			$375,263,971			$152,056,909
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			775,001			20,850,000			9,624,087			1,083,236
Net assets value, redemption price and offering price per share			​$28.63			$15.94			$38.99			$140.37
Cost of Investments			$24,119,160			$415,075,266			$365,210,095			$137,364,220
*Value of securities loaned			—			—			—			$87,161

The accompanying notes are an integral part of these financial statements.

83

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily MSCI Brazil Bull 2X Shares			Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			Direxion Daily MSCI India Bull 2X Shares			Direxion Daily AI and Big Data Bull 2X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)			$119,866,757			$3,462,102			$95,831,600			$7,485,190
Receivable for investments sold			—			—			—			770,432
Due from Adviser, net (Note 6)			—			3,205			—			3,938
Dividend and interest receivable			250,754			5,384			174,229			6,361
Due from broker for swap contracts			79,059			1,348			3,726			2,340
Unrealized appreciation on swap contracts			—			—			9,526,490			502,173
Prepaid expenses and other assets			7,837			3,514			3,311			1,043
Total assets			120,204,407			3,475,553			105,539,356			8,771,477
Liabilities:
Collateral for securities loaned (Note 2)			143,756			—			—			424
Payable for Fund shares redeemed			—			—			10,772			—
Payable for investments purchased			—			—			—			476,379
Unrealized depreciation on swap contracts			11,214,473			160,609			4,827			—
Due to Adviser, net (Note 6)			33,585			—			29,092			—
Due to broker for swap contracts			733,219			2,307			10,136,487			807,830
Accrued expenses and other liabilities			94,082			2,998			69,889			11,540
Total liabilities			12,219,115			165,914			10,251,067			1,296,173
Net Assets			$107,985,292			$3,309,639			$95,288,289			$7,475,304
Net Assets Consist of:
Capital stock			​$584,290,922			$3,196,246			​$81,958,467			$6,456,993
Total distributable earnings (loss)			​(476,305,630)			113,393			​13,329,822			1,018,311
Net assets			​$107,985,292			$3,309,639			​$95,288,289			$7,475,304
Calculation of Net Asset Value Per Share:
Net assets			$107,985,292			$3,309,639			$95,288,289			$7,475,304
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			1,758,631			125,001			1,449,686			250,001
Net assets value, redemption price and offering price per share			​$61.40			$26.48			$65.73			$29.90
Cost of Investments			$122,793,611			$3,390,794			$92,696,701			$7,010,698
*Value of securities loaned			$140,900			—			—			$​415

The accompanying notes are an integral part of these financial statements.

84

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily AI and Big Data Bear 2X Shares			Direxion Daily Cloud Computing Bull 2X Shares			Direxion Daily Crypto Industry Bull 2X Shares			Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)			$2,562,200			$4,806,723			$2,819,937			$6,031,523
Receivable for Fund shares sold			—			—			—			22,213
Receivable for investments sold			—			—			205,814			508,138
Due from Adviser, net (Note 6)			7,765			1,068			​13,562			652
Dividend and interest receivable			10,487			3,776			3,889			17,652
Due from broker for swap contracts			17,222			754			1,512			8,766
Foreign tax reclaims			—			3,350			—			—
Unrealized appreciation on swap contracts			—			252,042			114,566			209,689
Prepaid expenses and other assets			1,043			5,816			​1,337			1,265
Total assets			2,598,717			5,073,529			3,160,617			6,799,898
Liabilities:
Collateral for securities loaned (Note 2)			—			1,563			—			712,789
Payable for investments purchased			—			—			207,579			511,878
Unrealized depreciation on swap contracts			144,062			237			145,448			8,243
Due to broker for swap contracts			18,925			252,659			126,606			730,129
Accrued expenses and other liabilities			10,478			14,633			10,341			13,573
Total liabilities			173,465			269,092			489,974			1,976,612
Net Assets			$2,425,252			$4,804,437			$2,670,643			$4,823,286
Net Assets Consist of:
Capital stock			$3,150,209			​$17,784,351			$2,930,329			​$15,425,190
Total distributable loss			(724,957)			​(12,979,914)			(259,686)			​(10,601,904)
Net assets			$2,425,252			$4,804,437			$2,670,643			$4,823,286
Calculation of Net Asset Value Per Share:
Net assets			$2,425,252			$4,804,437			$2,670,643			$4,823,286
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			125,001			425,001			125,001			274,948
Net assets value, redemption price and offering price per share			​$19.40			$11.30			$21.36			$17.54
Cost of Investments			$2,562,200			$5,155,025			$2,821,880			$6,321,178
*Value of securities loaned			$—			$189,220			$—			$687,666

The accompanying notes are an integral part of these financial statements.

85

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily Energy Bull 2X Shares			Direxion Daily Energy Bear 2X Shares			Direxion Daily Gold Miners Index Bull 2X Shares			Direxion Daily Gold Miners Index Bear 2X Shares
Assets:
Investments, at fair value (Note 2)			$305,579,174			$24,618,751			$586,318,680			$106,330,841
Receivable for Fund shares sold			599			359			4,962,215			—
Dividend and interest receivable			541,225			91,377			1,221,557			493,186
Due from broker for swap contracts			243,631			254			3,065,938			259,462
Unrealized appreciation on swap contracts			10,942,646			2,300,838			179,503,422			1,206,914
Prepaid expenses and other assets			​127,148			​52,329			14,859			​5,059
Total assets			​317,434,423			​27,063,908			775,086,671			​108,295,462
Liabilities:
Payable for Fund shares redeemed			22,170			1,197,319			—			—
Unrealized depreciation on swap contracts			—			76,213			—			12,471,753
Due to Adviser, net (Note 6)			98,427			13,371			185,288			30,329
Due to broker for swap contracts			8,043,748			2,654,212			207,903,077			786,140
Accrued expenses and other liabilities			​60,033			​8,539			161,247			​24,560
Total liabilities			​8,224,378			​3,949,654			208,249,612			​13,312,782
Net Assets			$309,210,045			$23,114,254			$566,837,059			$94,982,680
Net Assets Consist of:
Capital stock			​$335,848,060			$222,128,290			​$2,257,722,449			$816,324,990
Total distributable loss			​(26,638,015)			(199,014,036)			​(1,690,885,390)			(721,342,310)
Net assets			$309,210,045			$23,114,254			$566,837,059			$94,982,680
Calculation of Net Asset Value Per Share:
Net assets			$309,210,045			$23,114,254			$566,837,059			$94,982,680
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			5,163,531			965,264			11,251,908			1,841,017
Net assets value, redemption price and offering price per share			​$59.88			$23.95			$50.38			$51.59
Cost of Investments			$306,575,530			$24,618,751			$574,298,389			$106,330,841

The accompanying notes are an integral part of these financial statements.

86

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily Junior Gold Miners Index Bull 2X Shares			Direxion Daily Junior Gold Miners Index Bear 2X Shares			Direxion Daily Magnificent 7 Bull 2X Shares			Direxion Daily NYSE FANG+ Bull 2X Shares
Assets:
Investments, at fair value (Note 2)			$337,330,964			$69,116,520			$20,260,075			$65,251,201
Receivable for Fund shares sold			—			702			—			—
Dividend and interest receivable			833,127			302,367			16,152			153,378
Due from broker for swap contracts			143,780			718,040			—			62,268
Unrealized appreciation on swap contracts			125,498,416			933,735			1,013,328			12,255,068
Prepaid expenses and other assets			10,500			5,938			1,208			1,043
Total assets			463,816,787			71,077,302			21,290,763			77,722,958
Liabilities:
Payable for Fund shares redeemed			—			2,339,384			—			—
Unrealized depreciation on swap contracts			—			12,999,291			387,117			—
Due to Adviser, net (Note 6)			105,770			17,677			11,056			20,804
Due to broker for swap contracts			141,040,821			767,356			1,875,610			15,541,617
Accrued expenses and other liabilities			71,754			17,597			13,104			28,184
Total liabilities			141,218,345			16,141,305			2,286,887			15,590,605
Net Assets			$322,598,442			$54,935,997			$19,003,876			$62,132,353
Net Assets Consist of:
Capital stock			​$1,795,042,438			$351,683,749			​$17,054,308			​$52,043,760
Total distributable earnings (loss)			​(1,472,443,996)			(296,747,752)			​1,949,568			​10,088,593
Net assets			​$322,598,442			$54,935,997			$19,003,876			​$62,132,353
Calculation of Net Asset Value Per Share:
Net assets			$322,598,442			$54,935,997			$19,003,876			$62,132,353
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			6,193,351			2,348,040			525,001			429,852
Net assets value, redemption price and offering price per share			​$52.09			$23.40			$36.20			$144.54
Cost of Investments			$328,947,247			$69,116,520			$19,556,032			$64,475,117

The accompanying notes are an integral part of these financial statements.

87

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			Direxion Daily Travel & Vacation Bull 2X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)			$28,874,331			$370,077,916			$39,629,797			$8,710,483
Due from Adviser, net (Note 6)			—			—			—			1,075
Dividend and interest receivable			63,881			730,859			161,389			11,283
Due from broker for swap contracts			—			23,248			24,453			116,252
Unrealized appreciation on swap contracts			2,705,732			—			9,154,553			795,387
Prepaid expenses and other assets			1,446			30,870			3,784			1,778
Total assets			31,645,390			370,862,893			48,973,976			9,636,258
Liabilities:
Collateral for securities loaned (Note 2)			—			665,527			—			11,525
Unrealized depreciation on swap contracts			—			19,798,032			—			—
Due to Adviser, net (Note 6)			13,937			113,163			25,186			—
Due to broker for swap contracts			3,493,603			43,866			8,702,792			1,122,082
Accrued expenses and other liabilities			18,920			190,961			23,651			8,825
Total liabilities			3,526,460			20,811,549			8,751,629			1,142,432
Net Assets			$28,118,930			$350,051,344			$40,222,347			$8,493,826
Net Assets Consist of:
Capital stock			​$43,503,801			​$464,240,295			$271,853,330			​$24,740,726
Total distributable loss			​(15,384,871)			​(114,188,951)			(231,630,983)			​(16,246,900)
Net assets			$28,118,930			$350,051,344			$40,222,347			$8,493,826
Calculation of Net Asset Value Per Share:
Net assets			$28,118,930			$350,051,344			$40,222,347			$8,493,826
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			1,223,646			12,713,688			3,507,895			500,001
Net assets value, redemption price and offering price per share			​$22.98			$27.53			$11.47			$16.99
Cost of Investments			$28,239,341			$400,423,577			$39,629,797			$8,994,489
*Value of securities loaned			$—			$4,563,468			$—			$16,364

The accompanying notes are an integral part of these financial statements.

88

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily Uranium Industry Bull 2X Shares
Assets:
Investments, at fair value (Note 2)			$8,309,942
Due from Adviser, net (Note 6)			10,034
Dividend and interest receivable			17,664
Due from broker for swap contracts			37,836
Unrealized appreciation on swap contracts			570,325
Prepaid expenses and other assets			1,039
Total assets			8,946,840
Liabilities:
Unrealized depreciation on swap contracts			15,091
Due to broker for swap contracts			1,026,260
Accrued expenses and other liabilities			12,160
Total liabilities			1,053,511
Net Assets			$7,893,329
Net Assets Consist of:
Capital stock			$7,469,702
Total distributable earnings			423,627
Net assets			$7,893,329
Calculation of Net Asset Value Per Share:
Net assets			$7,893,329
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			325,001
Net assets value, redemption price and offering price per share			​$24.29
Cost of Investments			$8,360,403

The accompanying notes are an integral part of these financial statements.

89

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024

			Direxion Daily S&P 500® Bear 1X Shares			Direxion Daily AAPL Bear 1X Shares			Direxion Daily AMZN Bear 1X Shares			Direxion Daily AVGO Bear 1X Shares1
Investment Income:
Interest income			$9,509,639			$1,512,047			$180,366			$7,076
Total investment income			9,509,639			1,512,047			180,366			7,076
Expenses:
Investment advisory fees (Note 6)			642,481			216,506			25,378			1,173
Licensing fees			127,461			2,352			305			24
Interest expense			91,208			58,289			629			—
Fund servicing fees			54,564			9,443			1,997			1,045
Management service fees (Note 6)			44,948			7,075			829			38
Professional fees			27,459			11,706			10,188			10,008
Reports to shareholders			17,252			2,713			324			15
Exchange listing fees			6,344			4,009			4,009			251
Pricing fees			4,335			4,335			4,335			262
Trustees’ fees and expenses			3,830			591			69			3
Insurance fees			2,716			437			51			2
Offering fees			—			—			—			30
Other			8,131			1,032			210			81
Total expenses			1,030,729			318,488			48,324			12,932
Recoupment of expenses to Adviser (Note 6)			3,921			14,923			2,455			603
Less: Reimbursement of expenses from Adviser (Note 6)			(117,395)			(881)			(18,004)			(12,049)
Net expenses			917,255			332,530			32,775			1,486
Net investment income			8,592,384			1,179,517			147,591			5,590
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Swap contracts			(46,329,612)			(5,280,087)			(1,461,989)			21,444
Net realized gain (loss)			(46,329,612)			(5,280,087)			(1,461,989)			21,444
Change in net unrealized appreciation (depreciation) on:
Swap contracts			(23,581,910)			(1,488,835)			97,691			204,687
Change in net unrealized appreciation (depreciation)			(23,581,910)			(1,488,835)			97,691			204,687
Net realized and unrealized gain (loss)			(69,911,522)			(6,768,922)			(1,364,298)			226,131
Net increase (decrease) in net assets resulting from operations			$(61,319,138)			$(5,589,405)			$(1,216,707)			$231,721

1
Represents the period from October 10, 2024 (commencement of operations) to October 31, 2024.

The accompanying notes are an integral part of these financial statements.

90

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily GOOGL Bear 1X Shares			Direxion Daily META Bear 1X Shares1			Direxion Daily MSFT Bear 1X Shares			Direxion Daily MU Bear 1X Shares2
Investment Income:
Interest income			$174,811			$84,474			$364,625			$6,982
Total investment income			174,811			84,474			364,625			6,982
Expenses:
Investment advisory fees (Note 6)			24,523			12,750			52,648			1,064
Licensing fees			325			255			610			21
Interest expense			2,206			415			3,172			—
Fund servicing fees			1,948			1,474			3,060			1,041
Management service fees (Note 6)			801			416			1,720			35
Professional fees			10,178			10,087			10,415			10,007
Reports to shareholders			308			165			665			13
Exchange listing fees			4,008			1,639			4,009			251
Pricing fees			4,335			1,628			4,335			263
Trustees’ fees and expenses			67			34			143			3
Insurance fees			48			23			106			2
Offering fees			—			7,259			—			30
Other			233			262			437			80
Total expenses			48,980			36,407			81,320			12,810
Recoupment of expenses to Adviser (Note 6)			2,469			1,248			2,425			604
Less: Reimbursement of expenses from Adviser (Note 6)			(18,180)			(21,091)			(13,885)			(12,066)
Net expenses			33,269			16,564			69,860			1,348
Net investment income			141,542			67,910			294,765			5,634
Net realized and unrealized gain (loss) on investments:
Net realized loss on:
Swap contracts			(1,197,303)			(294,679)			(2,037,606)			(51,186)
Net realized loss			(1,197,303)			(294,679)			(2,037,606)			(51,186)
Change in net unrealized appreciation (depreciation) on:
Swap contracts			(214,058)			(203,578)			585,924			80,112
Change in net unrealized appreciation (depreciation)			(214,058)			(203,578)			585,924			80,112
Net realized and unrealized gain (loss)			(1,411,361)			(498,257)			(1,451,682)			28,926
Net increase (decrease) in net assets resulting from operations			$(1,269,819)			$(430,347)			$(1,156,917)			$34,560

1
Represents the period from June 5, 2024 (commencement of operations) to October 31, 2024.

2
Represents the period from October 10, 2024 (commencement of operations) to October 31, 2024.

The accompanying notes are an integral part of these financial statements.

91

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily NFLX Bear 1X Shares1			Direxion Daily NVDA Bear 1X Shares			Direxion Daily TSLA Bear 1X Shares			Direxion Daily TSM Bear 1X Shares1
Investment Income:
Interest income			$13,217			$795,266			$2,629,087			$11,226
Total investment income			13,217			795,266			2,629,087			11,226
Expenses:
Investment advisory fees (Note 6)			2,029			109,479			382,603			1,661
Licensing fees			41			3,068			4,532			33
Interest expense			—			21,677			496,035			—
Fund servicing fees			1,076			5,243			15,900			1,063
Management service fees (Note 6)			66			3,574			12,500			54
Professional fees			10,014			10,859			13,012			10,011
Reports to shareholders			25			1,372			4,794			21
Exchange listing fees			327			4,009			4,009			327
Pricing fees			339			4,335			4,335			339
Trustees’ fees and expenses			6			298			1,043			5
Insurance fees			4			212			764			3
Offering fees			6,574			18,988			—			30
Other			154			1,533			3,043			132
Total expenses			20,655			184,647			942,570			13,679
Recoupment of expenses to Adviser (Note 6)			214			5,787			1,636			923
Less: Reimbursement of expenses from Adviser (Note 6)			(18,299)			(30,084)			—			(12,498)
Net expenses			2,570			160,350			944,206			2,104
Net investment income			10,647			634,916			1,684,881			9,122
Net realized and unrealized gain (loss) on investments:
Net realized loss on:
Swap contracts			(71,708)			(10,572,784)			(6,504,750)			(140,166)
Net realized loss			(71,708)			(10,572,784)			(6,504,750)			(140,166)
Change in net unrealized appreciation (depreciation) on:
Swap contracts			(110,953)			(2,055,523)			(10,492,430)			6,670
Change in net unrealized appreciation (depreciation)			(110,953)			(2,055,523)			(10,492,430)			6,670
Net realized and unrealized loss			(182,661)			(12,628,307)			(16,997,180)			(133,496)
Net DECREASE in net assets resulting from operations			$(172,014)			$(11,993,391)			$(15,312,299)			$(124,374)

1
Represents the period from October 3, 2024 (commencement of operations) to October 31, 2024.

The accompanying notes are an integral part of these financial statements.

92

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily Crypto Industry Bear 1X Shares1			Direxion Daily Magnificent 7 Bear 1X Shares2			Direxion Daily AAPL Bull 2X Shares			Direxion Daily AMZN Bull 2X Shares
Investment Income:
Dividend income			$—			$—			$61,730			$—
Interest income			45,389			129,838			3,212,234			4,614,734
Total investment income			45,389			129,838			3,273,964			4,614,734
Expenses:
Investment advisory fees (Note 6)			2,992			8,390			573,870			783,408
Licensing fees			2,100			15,714			9,338			12,338
Interest expense			4,987			309			306,034			226,332
Fund servicing fees			1,240			1,684			23,257			31,369
Management service fees (Note 6)			209			586			18,729			25,568
Professional fees			10,044			10,128			14,511			16,153
Reports to shareholders			85			222			7,191			9,817
Exchange listing fees			1,484			4,735			4,008			4,008
Pricing fees			1,169			2,612			4,335			4,335
Trustees’ fees and expenses			18			48			1,626			2,223
Insurance fees			12			34			1,132			1,545
Offering fees			​9,008			499			—			—
Other			106			191			4,083			7,877
Total expenses			​33,454			45,152			968,114			1,124,973
Recoupment of expenses to Adviser (Note 6)			​3,657			8,687			17,066			14,709
Less: Reimbursement of expenses from Adviser (Note 6)			(28,278)			(42,743)			—			(162)
Net expenses			8,833			11,096			985,180			1,139,520
Net investment income			36,556			118,742			2,288,784			3,475,214
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			—			—			49,269			1,107
In-kind redemptions			—			—			1,040,096			727,346
Swap contracts			(46,324)			(713,795)			25,765,308			6,604,224
Net realized gain (loss)			(46,324)			(713,795)			26,854,673			7,332,677
Change in net unrealized appreciation (depreciation) on:
Investment securities			—			—			3,549,400			1,622,710
Swap contracts			149,359			(101,211)			7,601,031			(5,733,182)
Change in net unrealized appreciation (depreciation)			149,359			(101,211)			11,150,431			(4,110,472)
Net realized and unrealized gain (loss)			103,035			(815,006)			38,005,104			3,222,205
Net increase (decrease) in net assets resulting from operations			$139,591			$(696,264)			$40,293,888			$6,697,419

1
Represents the period from July 17, 2024 (commencement of operations) to October 31, 2024.

2
Represents the period from March 7, 2024 (commencement of operations) to October 31, 2024.

The accompanying notes are an integral part of these financial statements.

93

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily AVGO Bull 2X Shares1			Direxion Daily GOOGL Bull 2X Shares			Direxion Daily META Bull 2X Shares2			Direxion Daily MSFT Bull 2X Shares
Investment Income:
Dividend income			$—			$42,537			$3,778			$106,880
Interest income			8,085			3,457,499			367,078			3,641,100
Total investment income			8,085			3,500,036			370,856			3,747,980
Expenses:
Investment advisory fees (Note 6)			1,480			592,674			66,087			641,444
Licensing fees			30			9,134			1,325			9,063
Interest expense			—			219,632			22,588			256,833
Fund servicing fees			1,056			23,941			3,508			25,892
Management service fees (Note 6)			48			19,345			2,158			20,943
Professional fees			10,010			14,650			10,514			15,038
Reports to shareholders			19			7,427			828			8,038
Exchange listing fees			251			4,009			1,639			4,008
Pricing fees			262			4,335			1,628			4,335
Trustees’ fees and expenses			4			1,681			181			1,807
Insurance fees			3			1,168			119			1,247
Offering fees			30			—			14,938			—
Other			160			6,733			1,970			6,493
Total expenses			13,353			904,729			127,483			995,141
Recoupment of expenses to Adviser (Note 6)			573			22,227			2,662			19,465
Less: Reimbursement of expenses from Adviser (Note 6)			(12,051)			(271)			(23,846)			—
Net expenses			1,875			926,685			106,299			1,014,606
Net investment income			6,210			2,573,351			264,557			2,733,374
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			—			(474,109)			(97,373)			—
In-kind redemptions			—			1,487,336			257,825			1,553,092
Swap contracts			(74,932)			504,355			(1,651,198)			4,756,046
Net realized gain (loss)			(74,932)			1,517,582			(1,490,746)			6,309,138
Change in net unrealized appreciation (depreciation) on:
Investment securities			(58,516)			2,024,324			214,144			(214,668)
Swap contracts			(494,405)			15,628,241			3,733,253			(11,040,842)
Change in net unrealized appreciation (depreciation)			(552,921)			17,652,565			3,947,397			(11,255,510)
Net realized and unrealized gain (loss)			(627,853)			19,170,147			2,456,651			(4,946,372)
Net increase (decrease) in net assets resulting from operations			$(621,643)			$21,743,498			$2,721,208			$(2,212,998)

1
Represents the period from October 10, 2024 (commencement of operations) to October 31, 2024.

2
Represents the period from June 5, 2024 (commencement of operations) to October 31, 2024.

The accompanying notes are an integral part of these financial statements.

94

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily MU Bull 2X Shares1			Direxion Daily NFLX Bull 2X Shares2			Direxion Daily NVDA Bull 2X Shares			Direxion Daily TSLA Bull 2X Shares
Investment Income:
Dividend income			$—			$—			$14,562			$—
Interest income			11,501			12,933			11,157,456			57,569,260
Total investment income			11,501			12,933			11,172,018			57,569,260
Expenses:
Investment advisory fees (Note 6)			2,193			2,533			1,950,899			9,172,142
Licensing fees			44			51			37,261			132,219
Interest expense			—			—			1,691,733			3,334,983
Fund servicing fees			1,082			1,094			76,569			356,922
Management service fees (Note 6)			71			82			63,690			299,437
Professional fees			10,015			10,017			25,243			82,476
Reports to shareholders			27			32			24,446			114,933
Exchange listing fees			251			327			4,008			4,009
Pricing fees			262			339			4,335			4,335
Trustees’ fees and expenses			6			7			5,636			25,983
Insurance fees			4			5			3,842			18,074
Offering fees			30			6,574			18,988			—
Other			189			166			24,040			82,877
Total expenses			14,174			21,227			3,930,690			13,628,390
Recoupment of expenses to Adviser (Note 6)			618			244			16,910			558
Less: Reimbursement of expenses from Adviser (Note 6)			(12,014)			(18,263)			(2,079)			—
Net expenses			2,778			3,208			3,945,521			13,628,948
Net investment income			8,723			9,725			7,226,497			43,940,312
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			—			—			801,593			(17,436,948)
In-kind redemptions			—			7,854			2,302,612			35,256,087
Swap contracts			(83,886)			(38,141)			86,598,879			(137,680,129)
Net realized gain (loss)			(83,886)			(30,287)			89,703,084			(119,860,990)
Change in net unrealized appreciation (depreciation) on:
Investment securities			(35,057)			36,816			22,273,532			64,858,001
Swap contracts			(529,713)			384,277			110,879,733			579,984,058
Change in net unrealized appreciation (depreciation)			(564,770)			421,093			133,153,265			644,842,059
Net realized and unrealized gain (loss)			(648,656)			390,806			222,856,349			524,981,069
Net increase (decrease) in net assets resulting from operations			$(639,933)			$400,531			$230,082,846			$568,921,381

1
Represents the period from October 10, 2024 (commencement of operations) to October 31, 2024.

2
Represents the period from October 3, 2024 (commencement of operations) to October 31, 2024.

The accompanying notes are an integral part of these financial statements.

95

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily TSM Bull 2X Shares1			Direxion Daily CSI 300 China A Share Bull 2X Shares			Direxion Daily CSI China Internet Index Bull 2X Shares			Direxion Daily S&P 500® Bull 2X Shares
Investment Income:
Dividend income			$—			$666,441			$3,020,104			$2,484,747
Less: Foreign Withholding Tax			—			—			—			(712)
Interest income			33,821			2,259,576			9,123,302			1,014,066
Securities lending income			—			—			—			19
Total investment income			33,821			2,926,017			12,143,406			3,498,120
Expenses:
Investment advisory fees (Note 6)			5,691			607,839			2,517,172			932,017
Licensing fees			114			24,365			100,729			111,842
Interest expense			—			68,719			856,002			699,467
Fund servicing fees			1,208			24,465			98,835			55,393
Management service fees (Note 6)			185			19,841			82,180			45,642
Professional fees			10,036			14,724			29,799			21,008
Reports to shareholders			72			7,617			31,542			17,518
Exchange listing fees			327			6,042			6,042			6,042
Pricing fees			339			4,335			4,335			4,335
Trustees’ fees and expenses			16			1,726			7,018			3,872
Insurance fees			11			1,192			4,964			2,758
Offering fees			30			—			—			—
Excise tax			—			—			4,072			—
Other			744			16,508			14,977			8,265
Total expenses			18,773			797,373			3,757,667			1,908,159
Recoupment of expenses to Adviser (Note 6)			939			9,817			—			3,259
Less: Reimbursement of expenses from Adviser (Note 6)			(12,503)			(9,817)			—			(93,531)
Net expenses			7,209			797,373			3,757,667			1,817,887
Net investment income			26,612			2,128,644			8,385,739			1,680,233
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			—			(30,813,487)			(19,653,468)			(1,156,270)
In-kind redemptions			—			748,441			11,711,223			42,673,021
Swap contracts			(214,453)			(61,098,039)			(33,240,061)			45,665,223
Net realized gain (loss)			(214,453)			(91,163,085)			(41,182,306)			87,181,974
Change in net unrealized appreciation (depreciation) on:
Investment securities			(41,565)			(27,737,812)			34,956,397			17,662,366
Swap contracts			(743,486)			(36,587,011)			91,408,052			19,684,841
Change in net unrealized appreciation (depreciation)			(785,051)			(64,324,823)			126,364,449			37,347,207
Net realized and unrealized gain (loss)			(999,504)			(155,487,908)			85,182,143			124,529,181
Net increase (decrease) in net assets resulting from operations			$(972,892)			$(153,359,264)			$93,567,882			$126,209,414

1
Represents the period from October 3, 2024 (commencement of operations) to October 31, 2024.

The accompanying notes are an integral part of these financial statements.

96

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily MSCI Brazil Bull 2X Shares			Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares1			Direxion Daily MSCI India Bull 2X Shares			Direxion Daily AI and Big Data Bull 2X Shares2
Investment Income:
Dividend income			$3,446,822			$15,606			$—			$13,607
Interest income			3,381,751			39,071			2,291,725			23,247
Securities lending income			5,792			—			252			1
Total investment income			6,834,365			54,677			2,291,977			36,855
Expenses:
Investment advisory fees (Note 6)			815,268			15,268			668,463			23,089
Licensing fees			73,101			11,015			35,652			3,821
Interest expense			263,274			—			446,447			3,657
Fund servicing fees			32,730			1,581			26,960			1,860
Management service fees (Note 6)			26,636			498			21,829			753
Professional fees			16,415			10,108			15,260			10,181
Reports to shareholders			10,216			189			8,376			294
Exchange listing fees			6,042			4,487			6,042			2,846
Pricing fees			4,335			2,929			4,335			1,858
Trustees’ fees and expenses			2,277			41			1,874			62
Insurance fees			1,608			29			1,308			42
Offering fees			—			8,144			—			8,132
Other			5,282			174			4,147			307
Total expenses			1,257,184			54,463			1,240,693			56,902
Recoupment of expenses to Adviser (Note 6)			—			2,392			—			3,525
Less: Reimbursement of expenses from Adviser (Note 6)			—			(37,516)			—			(27,524)
Net expenses			1,257,184			19,339			1,240,693			32,903
Net investment income			5,577,181			35,338			1,051,284			3,952
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			(7,182,172)			53,173			—			88,554
In-kind redemptions			1,844,813			—			3,652,664			—
Swap contracts			10,875,947			155,190			9,175,562			(41,513)
Net realized gain			5,538,588			208,363			12,828,226			47,041
Change in net unrealized appreciation (depreciation) on:
Investment securities			2,496,320			71,308			5,152,371			474,492
Swap contracts			(17,413,606)			(160,609)			10,400,968			502,173
Change in net unrealized appreciation (depreciation)			(14,917,286)			(89,301)			15,553,339			976,665
Net realized and unrealized gain (loss)			(9,378,698)			119,062			28,381,565			1,023,706
Net increase (decrease) in net assets resulting from operations			$(3,801,517)			$154,400			$29,432,849			$1,027,658

1
Represents the period from February 7, 2024 (commencement of operations) to October 31, 2024.

2
Represents the period from May 15, 2024 (commencement of operations) to October 31, 2024.

The accompanying notes are an integral part of these financial statements.

97

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily AI and Big Data Bear 2X Shares1			Direxion Daily Cloud Computing Bull 2X Shares			Direxion Daily Crypto Industry Bull 2X Shares2			Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares
Investment Income:
Dividend income			$—			$7,224			$676			$8,274
Less: Foreign Withholding Tax			—			(625)			—			—
Interest income			61,191			68,717			12,214			65,653
Securities lending income			—			361			—			98,258
Total investment income			61,191			75,677			12,890			172,185
Expenses:
Investment advisory fees (Note 6)			8,489			44,023			5,258			36,118
Licensing fees			3,431			24,064			2,070			24,065
Interest expense			504			14,010			—			2,871
Fund servicing fees			1,319			2,737			1,196			2,412
Management service fees (Note 6)			277			1,439			171			1,180
Professional fees			10,058			10,328			10,036			10,266
Reports to shareholders			108			558			69			460
Exchange listing fees			2,846			6,042			1,484			6,042
Pricing fees			1,858			4,335			1,169			4,335
Trustees’ fees and expenses			23			120			15			98
Insurance fees			16			90			10			72
Offering fees			7,963			—			​9,182			—
Other			137			264			113			342
Total expenses			37,029			108,010			​30,773			88,261
Recoupment of expenses to Adviser (Note 6)			3,484			1,430			​3,658			1,430
Less: Reimbursement of expenses from Adviser (Note 6)			(29,256)			(39,667)			(27,772)			(41,071)
Net expenses			11,257			69,773			6,659			48,620
Net investment income			49,934			5,904			6,231			123,565
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			—			(93,211)			(71,868)			(2,985,029)
In-kind redemptions			—			834,847			—			662,181
Swap contracts			(586,698)			1,363,877			(154,400)			(4,069,767)
Net realized gain (loss)			(586,698)			2,105,513			(226,268)			(6,392,615)
Change in net unrealized appreciation (depreciation) on:
Investment securities			—			456,418			(1,943)			1,252,322
Swap contracts			(144,062)			(6,984)			(30,882)			1,623,248
Change in net unrealized appreciation (depreciation)			(144,062)			449,434			(32,825)			2,875,570
Net realized and unrealized gain (loss)			(730,760)			2,554,947			(259,093)			(3,517,045)
Net increase (decrease) in net assets resulting from operations			$(680,826)			$2,560,851			$(252,862)			$(3,393,480)

1
Represents the period from May 15, 2024 (commencement of operations) to October 31, 2024.

2
Represents the period from July 17, 2024 (commencement of operations) to October 31, 2024.

The accompanying notes are an integral part of these financial statements.

98

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily Energy Bull 2X Shares			Direxion Daily Energy Bear 2X Shares			Direxion Daily Gold Miners Index Bull 2X Shares			Direxion Daily Gold Miners Index Bear 2X Shares
Investment Income:
Dividend income			$8,305,067			$—			$4,034,237			$—
Interest income			5,686,073			1,132,774			14,728,114			5,940,902
Total investment income			13,991,140			1,132,774			18,762,351			5,940,902
Expenses:
Investment advisory fees (Note 6)			2,643,364			159,727			4,110,213			803,891
Licensing fees			209,156			12,656			109,606			21,437
Interest expense			1,330,517			51,464			3,769,355			324,986
Fund servicing fees			103,790			7,252			160,802			32,280
Management service fees (Note 6)			86,300			5,219			134,189			26,262
Professional fees			30,810			11,257			42,335			16,328
Reports to shareholders			33,123			2,001			51,504			10,073
Exchange listing fees			6,042			6,042			6,042			6,042
Pricing fees			4,335			4,335			4,335			4,335
Trustees’ fees and expenses			7,355			436			11,489			2,240
Insurance fees			5,214			320			8,106			1,602
Other			15,611			948			24,263			5,691
Total expenses			4,475,617			261,657			8,432,239			1,255,167
Recoupment of expenses to Adviser (Note 6)			—			1,496			—			—
Less: Reimbursement of expenses from Adviser (Note 6)			—			(9,368)			—			—
Net expenses			4,475,617			253,785			8,432,239			1,255,167
Net investment income			9,515,523			878,989			10,330,112			4,685,735
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			(3,130,212)			—			(15,292,474)			—
In-kind redemptions			41,304,040			—			105,552,290			—
Swap contracts			6,494,939			(767,117)			61,956,249			(58,041,840)
Net realized gain (loss)			44,668,767			(767,117)			152,216,065			(58,041,840)
Change in net unrealized appreciation (depreciation) on:
Investment securities			(26,232,948)			—			17,646,213			—
Swap contracts			(3,756,382)			131,993			203,763,259			(35,656,635)
Change in net unrealized appreciation (depreciation)			(29,989,330)			131,993			221,409,472			(35,656,635)
Net realized and unrealized gain (loss)			14,679,437			(635,124)			373,625,537			(93,698,475)
Net increase (decrease) in net assets resulting from operations			$24,194,960			$243,865			$383,955,649			$(89,012,740)

The accompanying notes are an integral part of these financial statements.

99

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily Junior Gold Miners Index Bull 2X Shares			Direxion Daily Junior Gold Miners Index Bear 2X Shares			Direxion Daily Magnificent 7 Bull 2X Shares1			Direxion Daily NYSE FANG+ Bull 2X Shares
Investment Income:
Dividend income			$696,232			$—			$9,791			$71,717
Interest income			10,234,431			4,424,345			119,482			1,294,788
Total investment income			10,930,663			4,424,345			129,273			1,366,505
Expenses:
Investment advisory fees (Note 6)			2,245,786			597,468			53,011			362,743
Licensing fees			—			—			15,714			24,423
Interest expense			2,254,532			347,827			8,528			265,013
Fund servicing fees			81,234			24,298			3,014			15,073
Management service fees (Note 6)			73,319			19,506			1,731			11,843
Professional fees			27,663			14,707			10,415			12,852
Reports to shareholders			28,141			7,487			677			4,545
Exchange listing fees			6,042			6,042			4,735			6,042
Pricing fees			4,335			4,335			2,612			3,335
Trustees’ fees and expenses			6,278			1,639			143			1,021
Insurance fees			4,429			1,179			97			703
Offering fees			—			—			499			—
Other			—			2,441			795			2,503
Total expenses			4,731,759			1,026,929			101,971			710,096
Recoupment of expenses to Adviser (Note 6)			—			—			8,765			18,917
Less: Reimbursement of expenses from Adviser (Note 6)			—			—			(35,061)			(4,526)
Net expenses			4,731,759			1,026,929			75,675			724,487
Net investment income			6,198,904			3,397,416			53,598			642,018
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			(4,515,729)			—			342,599			(837,354)
In-kind redemptions			42,438,954			—			448,726			8,708,952
Swap contracts			25,820,727			(35,254,975)			395,387			6,286,222
Net realized gain (loss)			63,743,952			(35,254,975)			1,186,712			14,157,820
Change in net unrealized appreciation (depreciation) on:
Investment securities			15,583,566			—			704,043			(140,027)
Swap contracts			157,750,781			(34,326,826)			626,211			14,683,971
Change in net unrealized appreciation (depreciation)			173,334,347			(34,326,826)			1,330,254			14,543,944
Net realized and unrealized gain (loss)			237,078,299			(69,581,801)			2,516,966			28,701,764
Net increase (decrease) in net assets resulting from operations			$243,277,203			$(66,184,385)			$2,570,564			$29,343,782

1
Represents the period from March 7, 2024 (commencement of operations) to October 31, 2024.

The accompanying notes are an integral part of these financial statements.

100

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			Direxion Daily Travel & Vacation Bull 2X Shares
Investment Income:
Dividend income			$23,966			$7,128,249			$—			$123,099
Interest income			903,148			10,537,653			2,812,071			162,191
Securities lending income			204			8,351			—			531
Total investment income			927,318			17,674,253			2,812,071			285,821
Expenses:
Investment advisory fees (Note 6)			251,198			3,379,971			386,653			82,643
Licensing fees			24,127			360,530			41,243			6,662
Interest expense			154,516			2,334,836			145,846			17,661
Fund servicing fees			10,785			132,459			16,074			4,251
Management service fees (Note 6)			8,206			110,349			12,637			2,701
Professional fees			11,979			37,018			13,046			10,652
Reports to shareholders			3,152			42,353			4,845			1,049
Exchange listing fees			6,042			6,042			6,042			6,042
Pricing fees			4,335			4,335			4,335			4,335
Trustees’ fees and expenses			680			9,380			1,054			225
Insurance fees			497			6,668			763			167
Other			1,485			19,964			2,284			494
Total expenses			477,002			6,443,905			634,822			136,882
Recoupment of expenses to Adviser (Note 6)			2,599			—			2,774			1,430
Less: Reimbursement of expenses from Adviser (Note 6)			(6,901)			—			(1,989)			(15,971)
Net expenses			472,700			6,443,905			635,607			122,341
Net investment income			454,618			11,230,348			2,176,464			163,480
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			—			(13,771,753)			—			(127,714)
In-kind redemptions			1,780,543			22,637,659			—			391,310
Swap contracts			5,182,881			10,586,951			(987,306)			1,341,006
Net realized gain (loss)			6,963,424			19,452,857			(987,306)			1,604,602
Change in net unrealized appreciation (depreciation) on:
Investment securities			2,633,966			(28,647,665)			—			2,478,404
Swap contracts			4,549,488			(102,363,018)			12,198,564			2,750,441
Change in net unrealized appreciation (depreciation)			7,183,454			(131,010,683)			12,198,564			5,228,845
Net realized and unrealized gain (loss)			14,146,878			(111,557,826)			11,211,258			6,833,447
Net increase (decrease) in net assets resulting from operations			$14,601,496			$(100,327,478)			$13,387,722			$6,996,927

The accompanying notes are an integral part of these financial statements.

101

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily Uranium Industry Bull 2X Shares1
Investment Income:
Dividend income			$358
Interest income			40,255
Total investment income			40,613
Expenses:
Investment advisory fees (Note 6)			9,569
Licensing fees			4,826
Interest expense			816
Fund servicing fees			1,353
Management service fees (Note 6)			312
Professional fees			10,064
Reports to shareholders			124
Exchange listing fees			2,143
Pricing fees			1,399
Trustees’ fees and expenses			26
Insurance fees			18
Offering fees			7,885
Other			270
Total expenses			38,805
Recoupment of expenses to Adviser (Note 6)			594
Less: Reimbursement of expenses from Adviser (Note 6)			(26,462)
Net expenses			12,937
Net investment income			27,676
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			20,323
Swap contracts			(112,279)
Net realized loss			(91,956)
Change in net unrealized appreciation (depreciation) on:
Investment securities			(50,461)
Swap contracts			555,234
Change in net unrealized appreciation			504,773
Net realized and unrealized gain			412,817
Net increase in net assets resulting from operations			$440,493

1
Represents the period from June 26, 2024 (commencement of operations) to October 31, 2024.

The accompanying notes are an integral part of these financial statements.

102

Direxion Shares ETF Trust

Statements of Changes in Net Assets

			Direxion Daily S&P 500® Bear 1X Shares						Direxion Daily AAPL Bear 1X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$8,592,384			$17,198,343			$1,179,517			$1,020,452
Net realized loss			(46,329,612)			(105,987,595)			(5,280,087)			(5,974,809)
Change in net unrealized appreciation (depreciation)			(23,581,910)			52,648,633			(1,488,835)			982,058
Net decrease in net assets resulting from operations			(61,319,138)			(36,140,619)			(5,589,405)			(3,972,299)
Distributions to shareholders:
Net distributions to shareholders			(9,127,533)			(17,439,074)			(1,242,145)			(873,961)
Total distributions			(9,127,533)			(17,439,074)			(1,242,145)			(873,961)
Capital share transactions:
Proceeds from shares sold			3,330,131,858			4,631,995,133			74,077,786			75,044,444
Cost of shares redeemed			(3,409,098,968)			(4,895,823,848)			(78,334,822)			(46,754,239)
Transaction fees (Note 4)			327,688			—			23,500			14,026
Net increase (decrease) in net assets resulting from capital transactions			(78,639,422)			(263,828,715)			(4,233,536)			28,304,231
Total increase (decrease) in net assets			(149,086,093)			(317,408,408)			(11,065,086)			23,457,971
Net assets:
Beginning of year			296,394,002			613,802,410			36,562,984			13,105,013
End of year			$147,307,909			$296,394,002			$25,497,898			$36,562,984
Changes in shares outstanding
Shares outstanding, beginning of year			19,449,983			37,199,983			1,600,001			500,001
Shares sold			243,750,000			308,000,000			3,750,000			3,150,000
Shares repurchased			(250,250,000)			(325,750,000)			(3,850,000)			(2,050,000)
Shares outstanding, end of year			12,949,983			19,449,983			1,500,001			1,600,001

The accompanying notes are an integral part of these financial statements.

103

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily AMZN Bear 1X Shares						Direxion Daily AVGO Bear 1X Shares
			Year Ended October 31,						For the Period October 10, 20241 through October 31, 2024
			2024			2023
Operations:
Net investment income			$147,591			$218,483			$5,590
Net realized gain (loss)			(1,461,989)			(1,612,513)			21,444
Change in net unrealized appreciation (depreciation)			97,691			(560,523)			204,687
Net increase (decrease) in net assets resulting from operations			(1,216,707)			(1,954,553)			231,721
Distributions to shareholders:
Net distributions to shareholders			(146,986)			(385,096)			—
Total distributions			(146,986)			(385,096)			—
Capital share transactions:
Proceeds from shares sold			10,661,343			15,276,879			2,500,025
Cost of shares redeemed			(8,159,484)			(13,678,158)			—
Transaction fees (Note 4)			2,448			4,103			—
Net increase in net assets resulting from capital transactions			2,504,307			1,602,824			2,500,025
Total increase (decrease) in net assets			1,140,614			(736,825)			2,731,746
Net assets:
Beginning of year/period			2,995,902			3,732,727			—
End of year/period			$4,136,516			$2,995,902			$ 2,731,746
Changes in shares outstanding
Shares outstanding, beginning of year/period			150,001			125,001			—
Shares sold			700,000			575,000			100,001
Shares repurchased			(550,000)			(550,000)			—
Shares outstanding, end of year/period			300,001			150,001			100,001

1
Commencement of Operations.

The accompanying notes are an integral part of these financial statements.

104

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily GOOGL Bear 1X Shares						Direxion Daily META Bear 1X Shares
			Year Ended October 31,						For the Period June 5, 20241 through October 31, 2024
			2024			2023
Operations:
Net investment income			$141,542			$162,064			$67,910
Net realized loss			(1,197,303)			(1,560,008)			(294,679)
Change in net unrealized depreciation			(214,058)			(224,114)			(203,578)
Net decrease in net assets resulting from operations			(1,269,819)			(1,622,058)			(430,347)
Distributions to shareholders:
Net distributions to shareholders			(135,857)			(159,519)			(47,542)
Total distributions			(135,857)			(159,519)			(47,542)
Capital share transactions:
Proceeds from shares sold			14,216,614			8,343,366			10,909,789
Cost of shares redeemed			(10,645,677)			(8,766,401)			(4,235,273)
Transaction fees (Note 4)			3,194			2,630			1,271
Net increase (decrease) in net assets resulting from capital transactions			3,574,131			(420,405)			6,675,787
Total increase (decrease) in net assets			2,168,455			(2,201,982)			6,197,898
Net assets:
Beginning of year/period			1,947,780			4,149,762			—
End of year/period			$4,116,235			$1,947,780			$6,197,898
Changes in shares outstanding
Shares outstanding, beginning of year/period			100,001			150,001			—
Shares sold			875,000			375,000			475,001
Shares repurchased			(675,000)			(425,000)			(175,000)
Shares outstanding, end of year/period			300,001			100,001			300,001

1
Commencement of Operations.

The accompanying notes are an integral part of these financial statements.

105

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily MSFT Bear 1X Shares						Direxion Daily MU Bear 1X Shares
			Year Ended October 31,						For the Period October 10, 20241 through October 31, 2024
			2024			2023
Operations:
Net investment income			$294,765			$263,762			$5,634
Net realized loss			(2,037,606)			(2,300,843)			(51,186)
Change in net unrealized appreciation (depreciation)			585,924			(338,190)			80,112
Net increase (decrease) in net assets resulting from operations			(1,156,917)			(2,375,271)			34,560
Distributions to shareholders:
Net distributions to shareholders			(301,555)			(241,897)			—
Total distributions			(301,555)			(241,897)			—
Capital share transactions:
Proceeds from shares sold			31,802,163			13,815,953			2,500,025
Cost of shares redeemed			(27,688,790)			(9,988,343)			—
Transaction fees (Note 4)			8,306			2,997			—
Net increase in net assets resulting from capital transactions			4,121,679			3,830,607			2,500,025
Total increase in net assets			2,663,207			1,213,439			2,534,585
Net assets:
Beginning of year/period			5,219,617			4,006,178			—
End of year/period			$7,882,824			$5,219,617			$ 2,534,585
Changes in shares outstanding
Shares outstanding, beginning of year/period			300,001			150,001			—
Shares sold			2,225,000			675,000			100,001
Shares repurchased			(1,975,000)			(525,000)			—
Shares outstanding, end of year/period			550,001			300,001			100,001

1
Commencement of Operations.

The accompanying notes are an integral part of these financial statements.

106

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily NFLX Bear 1X Shares			Direxion Daily NVDA Bear 1X Shares
			For the Period October 3, 20241 through October 31, 2024			Year Ended  October 31, 2024			For the Period September 13, 20231 through October 31, 2023
OPERATIONS:
Net investment income			$10,647			$634,916			$40,283
Net realized loss			(71,708)			(10,572,784)			(175,574)
Change in net unrealized appreciation (depreciation)			(110,953)			(2,055,523)			1,045,046
Net increase (decrease) in net assets resulting from operations			(172,014)			(11,993,391)			909,755
Distributions to shareholders:
Net distributions to shareholders			—			(598,186)			—
Total distributions			—			(598,186)			—
Capital share transactions:
Proceeds from shares sold			4,829,345			72,151,960			10,682,830
Cost of shares redeemed			—			(41,506,317)			—
Transaction fees (Note 4)			—			12,452			—
Net increase in net assets resulting from capital transactions			4,829,345			30,658,095			10,682,830
Total increase in net assets			4,657,331			18,066,518			11,592,585
Net assets:
Beginning of year/period			—			11,592,585			—
End of year/period			$ 4,657,331			$29,659,103			$11,592,585
Changes in shares outstanding
Shares outstanding, beginning of year/period			—			425,001			—
Shares sold			200,001			8,575,000			425,001
Shares repurchased			—			(4,550,000)			—
Shares outstanding, end of year/period			200,001			4,450,001			425,001

1
Commencement of Operations.

The accompanying notes are an integral part of these financial statements.

107

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily TSLA Bear 1X Shares						Direxion Daily TSM Bear 1X Shares
			Year Ended October 31,						For the Period October 3, 20241 through October 31, 2024
			2024			2023
Operations:
Net investment income			$1,684,881			$1,582,707			$9,122
Net realized loss			(6,504,750)			(23,574,097)			(140,166)
Change in net unrealized appreciation (depreciation)			(10,492,430)			9,174,783			6,670
Net decrease in net assets resulting from operations			(15,312,299)			(12,816,607)			(124,374)
Distributions to shareholders:
Net distributions to shareholders			(1,764,224)			(2,234,426)			—
Total distributions			(1,764,224)			(2,234,426)			—
Capital share transactions:
Proceeds from shares sold			350,413,866			317,772,927			4,117,642
Cost of shares redeemed			(339,019,676)			(265,270,376)			—
Transaction fees (Note 4)			101,706			79,581			—
Net increase in net assets resulting from capital transactions			11,495,896			52,582,132			4,117,642
Total increase (decrease) in net assets			(5,580,627)			37,531,099			3,993,268
Net assets:
Beginning of year/period			49,602,559			12,071,460			—
End of year/period			$44,021,932			$49,602,559			$3,993,268
Changes in shares outstanding
Shares outstanding, beginning of year/period			2,075,001			400,001			—
Shares sold			17,225,000			12,150,000			175,001
Shares repurchased			(16,200,000)			(10,475,000)			—
Shares outstanding, end of year/period			3,100,001			2,075,001			175,001

1
Commencement of Operations.

The accompanying notes are an integral part of these financial statements.

108

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Crypto Industry Bear 1X Shares			Direxion Daily Magnificent 7 Bear 1X Shares			Direxion Daily AAPL Bull 2X Shares
			For the Period July 17, 20241 through October 31, 2024			For the Period March 7, 20241 through October 31, 2024			Year Ended October 31,
									2024			2023
Operations:
Net investment income			$36,556			$118,742			$2,288,784			$683,102
Net realized gain (loss)			(46,324)			(713,795)			26,854,673			(468,166)
Change in net unrealized appreciation (depreciation)			149,359			(101,211)			11,150,431			(764,504)
Net increase (decrease) in net assets resulting from operations			139,591			(696,264)			40,293,888			(549,568)
Distributions to shareholders:
Net distributions to shareholders			(30,915)			(114,657)			(2,167,326)			(533,661)
Total distributions			(30,915)			(114,657)			(2,167,326)			(533,661)
Capital share transactions:
Proceeds from shares sold			3,240,292			5,449,251			165,537,552			149,562,107
Cost of shares redeemed			(756,298)			(2,186,121)			(140,604,900)			(120,641,850)
Transaction fees (Note 4)			227			656			40,096			35,967
Net increase in net assets resulting from capital transactions			2,484,221			3,263,786			24,972,748			28,956,224
Total increase in net assets			2,592,897			2,452,865			63,099,310			27,872,995
Net assets:
Beginning of year/period			—			—			34,980,837			7,107,842
End of year/period			$ 2,592,897			$2,452,865			$98,080,147			$34,980,837
Changes in shares outstanding
Shares outstanding, beginning of year/period			—			—			1,500,001			325,001
Shares sold			125,001			225,001			5,475,000			5,875,000
Shares repurchased			(25,000)			(100,000)			(4,200,000)			(4,700,000)
Shares outstanding, end of year/period			100,001			125,001			2,775,001			1,500,001

1Commencement of Operations.

The accompanying notes are an integral part of these financial statements.

109

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily AMZN Bull 2X Shares						Direxion Daily AVGO Bull 2X Shares
			Year Ended October 31,						For the Period October 10, 20241 through October 31, 2024
			2024			2023
Operations:
Net investment income			$3,475,214			$768,267			$6,210
Net realized gain (loss)			7,332,677			7,142,449			(74,932)
Change in net unrealized appreciation (depreciation)			(4,110,472)			3,367,960			(552,921)
Net increase (decrease) in net assets resulting from operations			6,697,419			11,278,676			(621,643)
Distributions to shareholders:
Net distributions to shareholders			(3,785,145)			(617,613)			—
Total distributions			(3,785,145)			(617,613)			—
Capital share transactions:
Proceeds from shares sold			220,052,964			129,364,132			4,727,016
Cost of shares redeemed			(106,602,582)			(104,274,349)			—
Transaction fees (Note 4)			30,950			30,220			—
Net increase in net assets resulting from capital transactions			113,481,332			25,120,003			4,727,016
Total increase in net assets			116,393,606			35,781,066			4,105,373
Net assets:
Beginning of year/period			42,043,409			6,262,343			—
End of year/period			$158,437,015			$42,043,409			$ 4,105,373
Changes in shares outstanding
Shares outstanding, beginning of year/period			1,825,001			350,001			—
Shares sold			6,525,000			6,150,000			200,001
Shares repurchased			(3,400,000)			(4,675,000)			—
Shares outstanding, end of year/period			4,950,001			1,825,001			200,001

1
Commencement of Operations.

The accompanying notes are an integral part of these financial statements.

110

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily GOOGL Bull 2X Shares						Direxion Daily META Bull 2X Shares
			Year Ended October 31,						For the Period June 5, 20241 through October 31, 2024
			2024			2023
Operations:
Net investment income			$2,573,351			$499,201			$264,557
Net realized gain (loss)			1,517,582			5,157,053			(1,490,746)
Change in net unrealized appreciation (depreciation)			17,652,565			(972,409)			3,947,397
Net increase in net assets resulting from operations			21,743,498			4,683,845			2,721,208
Distributions to shareholders:
Net distributions to shareholders			(2,250,138)			(394,589)			(169,399)
Total distributions			(2,250,138)			(394,589)			(169,399)
Capital share transactions:
Proceeds from shares sold			152,882,789			144,564,021			81,663,863
Cost of shares redeemed			(53,106,364)			(118,913,609)			(31,486,888)
Transaction fees (Note 4)			13,462			35,050			7,815
Net increase in net assets resulting from capital transactions			99,789,887			25,685,462			50,184,790
Total increase in net assets			119,283,247			29,974,718			52,736,599
Net assets:
Beginning of year/period			34,568,183			4,593,465			—
End of year/period			$ 153,851,430			$34,568,183			$52,736,599
Changes in shares outstanding
Shares outstanding, beginning of year/period			1,275,001			225,001			—
Shares sold			4,125,000			5,050,000			2,725,001
Shares repurchased			(1,475,000)			(4,000,000)			(1,100,000)
Shares outstanding, end of year/period			3,925,001			1,275,001			1,625,001

1
Commencement of Operations.

The accompanying notes are an integral part of these financial statements.

111

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily MSFT Bull 2X Shares						Direxion Daily MU Bull 2X Shares			Direxion Daily NFLX Bull 2X Shares
			Year Ended October 31,						For the Period October 10, 20241 through October 31, 2024			For the Period October 3, 20241 through October 31, 2024
			2024			2023
Operations:
Net investment income			$2,733,374			$666,730			$8,723			$9,725
Net realized gain (loss)			6,309,138			2,663,113			(83,886)			(30,287)
Change in net unrealized appreciation (depreciation)			(11,255,510)			1,443,154			(564,770)			421,093
Net increase (decrease) in net assets resulting from operations			(2,212,998)			4,772,997			(639,933)			400,531
Distributions to shareholders:
Net distributions to shareholders			(2,525,389)			(503,522)			—			—
Total distributions			(2,525,389)			(503,522)			—			—
Capital share transactions:
Proceeds from shares sold			180,276,388			145,141,789			5,937,734			6,488,776
Cost of shares redeemed			(59,163,357)			(109,741,234)			—			(1,367,723)
Transaction fees (Note 4)			15,086			32,060			—			342
Net increase in net assets resulting from capital transactions			121,128,117			35,432,615			5,937,734			5,121,395
Total increase in net assets			116,389,730			39,702,090			5,297,801			5,521,926
Net assets:
Beginning of year/period			42,932,668			3,230,578			—			—
End of year/period			$ 159,322,398			$42,932,668			$ 5,297,801			$5,521,926
Changes in shares outstanding
Shares outstanding, beginning of year/period			1,250,001			150,001			—			—
Shares sold			4,225,000			4,400,000			225,001			250,001
Shares repurchased			(1,375,000)			(3,300,000)			—			(50,000)
Shares outstanding, end of year/period			4,100,001			1,250,001			225,001			200,001

1
Commencement of Operations.

The accompanying notes are an integral part of these financial statements.

112

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily NVDA Bull 2X Shares						Direxion Daily TSLA Bull 2X Shares
			Year Ended  October 31, 2024			For the Period September 13, 20231 through October 31, 2023			Year Ended October 31,
									2024			2023
Operations:
Net investment income			$7,226,497			$54,586			$43,940,312			$17,053,383
Net realized gain (loss)			89,703,084			(344,727)			(119,860,990)			67,356,859
Change in net unrealized appreciation (depreciation)			133,153,265			(1,635,214)			644,842,059			(145,169,133)
Net increase (decrease) in net assets resulting from operations			230,082,846			(1,925,355)			568,921,381			(60,758,891)
Distributions to shareholders:
Net distributions to shareholders			(5,595,151)			—			(60,392,155)			(13,969,260)
Total distributions			(5,595,151)			—			(60,392,155)			(13,969,260)
Capital share transactions:
Proceeds from shares sold			542,352,654			15,775,342			2,379,283,496			1,871,792,744
Cost of shares redeemed			(124,976,712)			—			(1,364,605,112)			(1,145,190,874)
Transaction fees (Note 4)			32,923			—			335,699			349,825
Net increase in net assets resulting from capital transactions			417,408,865			15,775,342			1,015,014,083			726,951,695
Total increase in net assets			641,896,560			13,849,987			1,523,543,309			652,223,544
Net assets:
Beginning of year/period			13,849,987			—			752,509,099			100,285,555
End of year/period			$655,746,547			$13,849,987			$2,276,052,408			$752,509,099
Changes in shares outstanding
Shares outstanding, beginning of year/period			650,001			—			68,725,001			6,025,001
Shares sold			7,100,000			650,001			247,025,000			146,050,000
Shares repurchased			(1,750,000)			—			(123,875,000)			(83,350,000)
Shares outstanding, end of year/period			6,000,001			650,001			191,875,001			68,725,001

1
Commencement of Operations.

The accompanying notes are an integral part of these financial statements.

113

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily TSM Bull 2X Shares			Direxion Daily CSI 300 China A Share Bull 2X Shares
			For the Period October 3, 20241 through October 31, 2024			Year Ended October 31,
						2024			2023
Operations:
Net investment income			$26,612			$2,128,644			$1,325,577
Net realized loss			(214,453)			(91,163,085)			(8,258,058)
Change in net unrealized appreciation (depreciation)			(785,051)			(64,324,823)			2,141,196
Net decrease in net assets resulting from operations			(972,892)			(153,359,264)			(4,791,285)
Distributions to shareholders:
Net distributions to shareholders			—			(1,878,464)			(1,285,927)
Total distributions			—			(1,878,464)			(1,285,927)
Capital share transactions:
Proceeds from shares sold			23,878,542			486,413,035			40,978,217
Cost of shares redeemed			(715,816)			(56,294,635)			(16,777,326)
Transaction fees (Note 4)			215			145,624			3,570
Net increase in net assets resulting from capital transactions			23,162,941			430,264,024			24,204,461
Total increase in net assets			22,190,049			275,026,296			18,127,249
Net assets:
Beginning of year/period			—			57,246,478			39,119,229
End of year/period			$ 22,190,049			$332,272,774			$57,246,478
Changes in shares outstanding
Shares outstanding, beginning of year/period			—			3,850,000			2,600,000
Shares sold			800,001			21,000,000			2,100,000
Shares repurchased			(25,000)			(4,000,000)			(850,000)
Shares outstanding, end of year/period			775,001			20,850,000			3,850,000

1
Commencement of Operations.

The accompanying notes are an integral part of these financial statements.

114

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily CSI China Internet Index Bull 2X Shares						Direxion Daily S&P 500® Bull 2X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$8,385,739			$5,686,066			$1,680,233			$1,695,456
Net realized gain (loss)			(41,182,306)			(8,700,602)			87,181,974			4,380,908
Change in net unrealized appreciation (depreciation)			126,364,449			50,660,292			37,347,207			(4,981,135)
Net increase in net assets resulting from operations			93,567,882			47,645,756			126,209,414			1,095,229
Distributions to shareholders:
Net distributions to shareholders			(8,794,646)			(3,836,004)			(1,780,102)			(1,833,932)
Total distributions			(8,794,646)			(3,836,004)			(1,780,102)			(1,833,932)
Capital share transactions:
Proceeds from shares sold			164,788,048			289,800,771			455,839,581			1,005,584,053
Cost of shares redeemed			(194,765,116)			(175,196,439)			(644,710,139)			(838,922,470)
Transaction fees (Note 4)			44,099			35,994			196,507			239,578
Net increase (decrease) in net assets resulting from capital transactions			(29,932,969)			114,640,326			(188,674,051)			166,901,161
Total increase (decrease) in net assets			54,840,267			158,450,078			(64,244,739)			166,162,458
Net assets:
Beginning of year			320,423,704			161,973,626			216,301,648			50,139,190
End of year			$375,263,971			$320,423,704			$152,056,909			$216,301,648
Changes in shares outstanding
Shares outstanding, beginning of year			10,274,087			7,274,087			2,683,236			683,236
Shares sold			4,950,000			6,850,000			4,800,000			11,700,000
Shares repurchased			(5,600,000)			(3,850,000)			(6,400,000)			(9,700,000)
Shares outstanding, end of year			9,624,087			10,274,087			1,083,236			2,683,236

The accompanying notes are an integral part of these financial statements.

115

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily MSCI Brazil Bull 2X Shares						Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares
			Year Ended October 31,						For the Period February 7, 20241 through October 31, 2024
			2024			2023
Operations:
Net investment income			$5,577,181			$6,133,623			$35,338
Net realized gain (loss)			5,538,588			(963,011)			208,363
Change in net unrealized depreciation			(14,917,286)			(10,972,336)			(89,301)
Net increase (decrease) in net assets resulting from operations			(3,801,517)			(5,801,724)			154,400
Distributions to shareholders:
Net distributions to shareholders			(5,457,553)			(6,143,456)			(41,007)
Total distributions			(5,457,553)			(6,143,456)			(41,007)
Capital share transactions:
Proceeds from shares sold			74,720,744			100,685,444			3,196,246
Cost of shares redeemed			(59,158,688)			(126,050,584)			—
Transaction fees (Note 4)			13,270			25,616			—
Net increase (decrease) in net assets resulting from capital transactions			15,575,326			(25,339,524)			3,196,246
Total increase (decrease) in net assets			6,316,256			(37,284,704)			3,309,639
Net assets:
Beginning of year/period			101,669,036			138,953,740			—
End of year/period			$ 107,985,292			$101,669,036			$ 3,309,639
Changes in shares outstanding
Shares outstanding, beginning of year/period			1,408,631			1,608,631			—
Shares sold			1,050,000			1,500,000			125,001
Shares repurchased			(700,000)			(1,700,000)			—
Shares outstanding, end of year/period			1,758,631			1,408,631			125,001

1
Commencement of Operations.

The accompanying notes are an integral part of these financial statements.

116

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily MSCI India Bull 2X Shares						Direxion Daily AI and Big Data Bull 2X Shares			Direxion Daily AI and Big Data Bear 2X Shares
			Year Ended October 31,						For the Period May 15, 20241 through October 31, 2024			For the Period May 15, 20241 through October 31, 2024
			2024			2023
Operations:
Net investment income			$1,051,284			$1,032,293			$3,952			$49,934
Net realized gain (loss)			12,828,226			(1,574,960)			47,041			(586,698)
Change in net unrealized appreciation (depreciation)			15,553,339			(557,043)			976,665			(144,062)
Net increase (decrease) in net assets resulting from operations			29,432,849			(1,099,710)			1,027,658			(680,826)
Distributions to shareholders:
Net distributions to shareholders			(1,166,696)			(891,341)			(9,347)			(44,131)
Total distributions			(1,166,696)			(891,341)			(9,347)			(44,131)
Capital share transactions:
Proceeds from shares sold			40,523,012			13,415,631			6,456,993			3,150,209
Cost of shares redeemed			(30,319,630)			(6,974,836)			—			—
Transaction fees (Note 4)			6,786			1,394			—			—
Net increase in net assets resulting from capital transactions			10,210,168			6,442,189			6,456,993			3,150,209
Total increase in net assets			38,476,321			4,451,138			7,475,304			2,425,252
Net assets:
Beginning of year/period			56,811,968			52,360,830			—			—
End of year/period			$95,288,289			$56,811,968			$7,475,304			$2,425,252
Changes in shares outstanding
Shares outstanding, beginning of year/period			1,249,686			1,099,686			—			—
Shares sold			650,000			300,000			250,001			125,001
Shares repurchased			(450,000)			(150,000)			—			—
Shares outstanding, end of year/period			1,449,686			1,249,686			250,001			125,001

1
Commencement of Operations.

The accompanying notes are an integral part of these financial statements.

117

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Cloud Computing Bull 2X Shares						Direxion Daily Crypto Industry Bull 2X Shares
			Year Ended October 31,						For the Period July 17, 20241 through October 31, 2024
			2024			2023
Operations:
Net investment income (loss)			$5,904			$(14,605)			$6,231
Net realized gain (loss)			2,105,513			(1,794,003)			(226,268)
Change in net unrealized appreciation (depreciation)			449,434			2,118,590			(32,825)
Net increase (decrease) in net assets resulting from operations			2,560,851			309,982			(252,862)
Distributions to shareholders:
Net distributions to shareholders			—			—			(6,824)
Total distributions			—			—			(6,824)
Capital share transactions:
Proceeds from shares sold			2,272,818			2,381,795			2,930,329
Cost of shares redeemed			(6,444,249)			(4,038,183)			—
Transaction fees (Note 4)			1,348			948			—
Net increase (decrease) in net assets resulting from capital transactions			(4,170,083)			(1,655,440)			2,930,329
Total increase (decrease) in net assets			(1,609,232)			(1,345,458)			2,670,643
Net assets:
Beginning of year/period			6,413,669			7,759,127			—
End of year/period			$4,804,437			$6,413,669			$ 2,670,643
Changes in shares outstanding
Shares outstanding, beginning of year/period			850,001			1,100,001			—
Shares sold			200,000			325,000			125,001
Shares repurchased			(625,000)			(575,000)			—
Shares outstanding, end of year/period			425,001			850,001			125,001

1
Commencement of Operations.

The accompanying notes are an integral part of these financial statements.

118

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares						Direxion Daily Energy Bull 2X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$123,565			$137,496			$9,515,523			$12,399,304
Net realized gain (loss)			(6,392,615)			(3,642,301)			44,668,767			124,795,936
Change in net unrealized appreciation (depreciation)			2,875,570			(1,958,047)			(29,989,330)			(202,948,311)
Net increase (decrease) in net assets resulting from operations			(3,393,480)			(5,462,852)			24,194,960			(65,753,071)
Distributions to shareholders:
Net distributions to shareholders			(125,751)			(123,822)			(9,671,962)			(12,229,872)
Total distributions			(125,751)			(123,822)			(9,671,962)			(12,229,872)
Capital share transactions:
Proceeds from shares sold			8,921,029			15,310,206			179,860,856			277,987,848
Cost of shares redeemed			(4,987,332)			(8,176,769)			(253,276,787)			(390,073,903)
Transaction fees (Note 4)			997			5,654			52,729			91,104
Net increase (decrease) in net assets resulting from capital transactions			3,934,694			7,139,091			(73,363,202)			(111,994,951)
Total increase (decrease) in net assets			415,463			1,552,417			(58,840,204)			(189,977,894)
Net assets:
Beginning of year			4,407,823			2,855,406			368,050,249			558,028,143
End of year			$4,823,286			$4,407,823			$309,210,045			$368,050,249
Changes in shares outstanding
Shares outstanding, beginning of year			124,948			30,000			6,263,531			7,863,531
Shares sold			400,000			225,000			2,900,000			4,600,000
Shares repurchased			(250,000)			(130,052)			(4,000,000)			(6,200,000)
Shares outstanding, end of year			274,948			124,948			5,163,531			6,263,531

The accompanying notes are an integral part of these financial statements.

119

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Energy Bear 2X Shares						Direxion Daily Gold Miners Index Bull 2X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$878,989			$1,221,779			$10,330,112			$9,755,146
Net realized gain (loss)			(767,117)			(12,593,661)			152,216,065			41,464,194
Change in net unrealized appreciation			131,993			12,922,423			221,409,472			50,465,786
Net increase in net assets resulting from operations			243,865			1,550,541			383,955,649			101,685,126
Distributions to shareholders:
Net distributions to shareholders			(946,237)			(1,074,176)			(11,225,003)			(6,901,670)
Total distributions			(946,237)			(1,074,176)			(11,225,003)			(6,901,670)
Capital share transactions:
Proceeds from shares sold			92,763,003			124,747,028			498,444,216			435,811,804
Cost of shares redeemed			(95,558,596)			(138,193,892)			(773,126,325)			(437,971,549)
Transaction fees (Note 4)			28,667			41,459			156,749			99,919
Net decrease in net assets resulting from capital transactions			(2,766,926)			(13,405,405)			(274,525,360)			(2,059,826)
Total increase (decrease) in net assets			(3,469,298)			(12,929,040)			98,205,286			92,723,630
Net assets:
Beginning of year			26,583,552			39,512,592			468,631,773			375,908,143
End of year			$23,114,254			$26,583,552			$566,837,059			$468,631,773
Changes in shares outstanding
Shares outstanding, beginning of year			965,264			1,365,264			16,401,908			15,051,908
Shares sold			3,650,000			4,350,000			14,450,000			12,900,000
Shares repurchased			(3,650,000)			(4,750,000)			(19,600,000)			(11,550,000)
Shares outstanding, end of year			965,264			965,264			11,251,908			16,401,908

The accompanying notes are an integral part of these financial statements.

120

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Gold Miners Index Bear 2X Shares1						Direxion Daily Junior Gold Miners Index Bull 2X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$4,685,735			$3,909,411			$6,198,904			$5,432,415
Net realized gain (loss)			(58,041,840)			(18,048,650)			63,743,952			32,102,665
Change in net unrealized appreciation (depreciation)			(35,656,635)			9,095,110			173,334,347			343,073
Net increase (decrease) in net assets resulting from operations			(89,012,740)			(5,044,129)			243,277,203			37,878,153
Distributions to shareholders:
Net distributions to shareholders			(4,583,846)			(3,486,238)			(6,942,012)			(3,912,708)
Total distributions			(4,583,846)			(3,486,238)			(6,942,012)			(3,912,708)
Capital share transactions:
Proceeds from shares sold			680,764,350			671,967,447			299,058,519			371,582,720
Cost of shares redeemed			(661,779,758)			(580,964,483)			(522,100,846)			(323,105,657)
Transaction fees (Note 4)			198,534			174,290			108,067			69,481
Net increase (decrease) in net assets resulting from capital transactions			19,183,126			91,177,254			(222,934,260)			48,546,544
Total increase (decrease) in net assets			(74,413,460)			82,646,887			13,400,931			82,511,989
Net assets:
Beginning of year			169,396,140			86,749,253			309,197,511			226,685,522
End of year			$94,982,680			$169,396,140			$322,598,442			$309,197,511
Changes in shares outstanding
Shares outstanding, beginning of year			1,261,017			366,017			11,493,351			8,743,351
Shares sold			8,000,000			5,365,000			9,500,000			11,650,000
Shares repurchased			(7,420,000)			(4,470,000)			(14,800,000)			(8,900,000)
Shares outstanding, end of year			1,841,017			1,261,017			6,193,351			11,493,351

1
Effective November 4, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

The accompanying notes are an integral part of these financial statements.

121

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Junior Gold Miners Index Bear 2X Shares2						Direxion Daily Magnificent 7 Bull 2X Shares
			Year Ended October 31,						For the Period March 7, 20241 through October 31, 2024
			2024			2023
Operations:
Net investment income			$3,397,416			$3,395,886			$53,598
Net realized gain (loss)			(35,254,975)			(42,994,918)			1,186,712
Change in net unrealized appreciation (depreciation)			(34,326,826)			13,498,880			1,330,254
Net increase (decrease) in net assets resulting from operations			(66,184,385)			(26,100,152)			2,570,564
Distributions to shareholders:
Net distributions to shareholders			(3,343,314)			(3,131,146)			(61,989)
Total distributions			(3,343,314)			(3,131,146)			(61,989)
Capital share transactions:
Proceeds from shares sold			509,756,713			452,380,318			21,674,296
Cost of shares redeemed			(511,803,633)			(410,536,076)			(5,180,288)
Transaction fees (Note 4)			153,539			123,160			1,293
Net increase (decrease) in net assets resulting from capital transactions			(1,893,381)			41,967,402			16,495,301
Total increase (decrease) in net assets			(71,421,080)			12,736,104			19,003,876
Net assets:
Beginning of year/period			126,357,077			113,620,973			—
End of year/period			$54,935,997			$126,357,077			$ 19,003,876
Changes in shares outstanding
Shares outstanding, beginning of year/period			1,663,245			843,245			—
Shares sold			10,605,000			6,475,000			675,001
Shares repurchased			(9,920,205)			(5,655,000)			(150,000)
Shares outstanding, end of year/period			2,348,040			1,663,245			525,001

1
Commencement of Operations.

2
Effective July 1, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

The accompanying notes are an integral part of these financial statements.

122

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily NYSE FANG+ Bull 2X Shares						Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$642,018			$192,031			$454,618			$202,784
Net realized gain (loss)			14,157,820			5,414,704			6,963,424			(2,620,599)
Change in net unrealized appreciation (depreciation)			14,543,944			(1,430,909)			7,183,454			49,132
Net increase (decrease) in net assets resulting from operations			29,343,782			4,175,826			14,601,496			(2,368,683)
Distributions to shareholders:
Net distributions to shareholders			(642,916)			(131,002)			(442,110)			(120,251)
Total distributions			(642,916)			(131,002)			(442,110)			(120,251)
Capital share transactions:
Proceeds from shares sold			57,476,352			9,243,765			9,438,486			17,596,136
Cost of shares redeemed			(45,433,335)			(4,550,991)			(16,664,869)			(4,968,897)
Transaction fees (Note 4)			9,838			924			3,667			994
Net increase (decrease) in net assets resulting from capital transactions			12,052,855			4,693,698			(7,222,716)			12,628,233
Total increase in net assets			40,753,721			8,738,522			6,936,670			10,139,299
Net assets:
Beginning of year			21,378,632			12,640,110			21,182,260			11,042,961
End of year			$62,132,353			$21,378,632			$28,118,930			$ 21,182,260
Changes in shares outstanding
Shares outstanding, beginning of year			329,852			290,000			1,573,646			973,646
Shares sold			450,000			155,000			400,000			900,000
Shares repurchased			(350,000)			(115,148)			(750,000)			(300,000)
Shares outstanding, end of year			429,852			329,852			1,223,646			1,573,646

The accompanying notes are an integral part of these financial statements.

123

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares						Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$11,230,348			$15,679,559			$2,176,464			$2,914,742
Net realized gain (loss)			19,452,857			144,689,105			(987,306)			(15,535,515)
Change in net unrealized appreciation (depreciation)			(131,010,683)			(250,704,851)			12,198,564			19,721,510
Net increase (decrease) in net assets resulting from operations			(100,327,478)			(90,336,187)			13,387,722			7,100,737
Distributions to shareholders:
Net distributions to shareholders			(11,417,514)			(14,878,134)			(2,496,925)			(2,468,778)
Total distributions			(11,417,514)			(14,878,134)			(2,496,925)			(2,468,778)
Capital share transactions:
Proceeds from shares sold			195,583,973			472,086,070			62,092,614			239,007,582
Cost of shares redeemed			(300,903,869)			(600,566,534)			(106,251,996)			(273,009,331)
Transaction fees (Note 4)			64,597			128,663			31,875			81,903
Net decrease in net assets resulting from capital transactions			(105,255,299)			(128,351,801)			(44,127,507)			(33,919,846)
Total decrease in net assets			(217,000,291)			(233,566,122)			(33,236,710)			(29,287,887)
Net assets:
Beginning of year			567,051,635			800,617,757			73,459,057			102,746,944
End of year			$350,051,344			$567,051,635			$40,222,347			$73,459,057
Changes in shares outstanding
Shares outstanding, beginning of year			15,213,688			17,313,688			7,107,895			8,257,895
Shares sold			6,100,000			14,700,000			6,150,000			19,050,000
Shares repurchased			(8,600,000)			(16,800,000)			(9,750,000)			(20,200,000)
Shares outstanding, end of year			12,713,688			15,213,688			3,507,895			7,107,895

The accompanying notes are an integral part of these financial statements.

124

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Travel & Vacation Bull 2X Shares						Direxion Daily Uranium Industry Bull 2X Shares
			Year Ended October 31,						For the Period June 26, 20241 through October 31, 2024
			2024			2023
Operations:
Net investment income			$163,480			$181,427			$27,676
Net realized gain (loss)			1,604,602			1,512,955			(91,956)
Change in net unrealized appreciation (depreciation)			5,228,845			(752,681)			504,773
Net increase in net assets resulting from operations			6,996,927			941,701			440,493
Distributions to shareholders:
Net distributions to shareholders			​(168,744)			(76,810)			(16,866)
Return of capital			(8,988)			—			—
Total distributions			(177,732)			(76,810)			(16,866)
Capital share transactions:
Proceeds from shares sold			576,079			1,041,266			7,469,702
Cost of shares redeemed			(10,628,717)			(14,008,030)			—
Transaction fees (Note 4)			2,126			2,856			—
Net increase (decrease) in net assets resulting from capital transactions			(10,050,512)			(12,963,908)			7,469,702
Total increase (decrease) in net assets			(3,231,317)			(12,099,017)			7,893,329
Net assets:
Beginning of year/period			11,725,143			23,824,160			—
End of year/period			$8,493,826			$11,725,143			$ 7,893,329
Changes in shares outstanding
Shares outstanding, beginning of year/period			1,200,001			2,300,001			—
Shares sold			50,000			100,000			325,001
Shares repurchased			(750,000)			(1,200,000)			—
Shares outstanding, end of year/period			500,001			1,200,001			325,001

1
Commencement of Operations.

The accompanying notes are an integral part of these financial statements.

125

Direxion Shares ETF Trust

Financial Highlights

October 31, 2024

																																				Ratios to Average Net Assets5
			Net Asset Value, Beginning of Year/ Period			Net Investment Income (Loss)1			Net Realized and Unrealized Gain (Loss) on Investments3			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period			Total Return4			Net Assets, End of Year/ Period (000’s omitted)			Net Expenses6			Total Expenses			Net Investment Income (Loss) after Expense Reimbursement			Net Expenses2,6			Total Expenses2			Net Investment Income (Loss) after Expense Reimbursement2			Portfolio Turnover Rate7
Direxion Daily S&P 500® Bear 1X Shares
For the Year Ended October 31, 2024			$15.24			$0.55			$(3.75)			$(3.20)			$(0.66)			$—			$—			$(0.66)			$11.38			−21.21%			$147,308			0.50%			0.56%			4.68%			0.45%			0.51%			4.73%			0%
For the Year Ended October 31, 2023			16.50			0.60			(1.16)			(0.56)			(0.70)			—			—			(0.70)			15.24			−3.26%			296,394			0.48%			0.53%			4.07%			0.45%			0.50%			4.10%			0%
For the Year Ended October 31, 2022			14.64			0.13			1.76			1.89			(0.03)			—			—			(0.03)			16.50			12.88%			613,802			0.49%			0.55%			0.84%			0.45%			0.51%			0.88%			0%
For the Year Ended October 31, 2021			21.28			(0.07)			(6.57)			(6.64)			—			—			—			—			14.64			−31.20%			123,669			0.45%			0.51%			(0.42)%			0.45%			0.51%			(0.42)%			0%
For the Year Ended October 31, 2020			26.03			(0.06)			(4.60)			(4.66)			(0.05)			—			(0.04)			(0.09)			21.28			−17.95%			175,571			0.45%			0.56%			(0.24)%			0.45%			0.56%			(0.24)%			0%
Direxion Daily AAPL Bear 1X Shares
For the Year Ended October 31, 2024			22.85			0.81			(5.86)			(5.05)			(0.80)			—			—			(0.80)			17.00			−22.47%			25,498			1.15%			1.10%			4.09%			0.95%			0.90%			4.29%			0%
For the Year Ended October 31, 2023			26.21			0.91			(3.51)			(2.60)			(0.75)			(0.01)			—			(0.76)			22.85			−9.96%			36,563			1.04%			1.02%			3.94%			0.95%			0.93%			4.03%			0%
For the Period August 9, 20228 through October 31, 2022			25.00			0.09			1.15			1.24			(0.03)			—			—			(0.03)			26.21			4.95%			13,105			0.98%			2.06%			1.51%			0.95%			2.03%			1.54%			0%
Direxion Daily AMZN Bear 1X Shares
For the Year Ended October 31, 2024			19.97			0.66			(6.15)			(5.49)			(0.69)			—			—			(0.69)			13.79			−27.68%			4,137			0.97%			1.43%			4.36%			0.95%			1.41%			4.38%			0%
For the Year Ended October 31, 2023			29.86			0.98			(9.06)			(8.08)			(1.12)			(0.69)			—			(1.81)			19.97			−28.28%			2,996			1.01%			1.27%			3.81%			0.95%			1.21%			3.87%			0%
For the Period September 7, 20228 through October 31, 2022			25.00			0.07			4.80			4.87			(0.01)			—			—			(0.01)			29.86			19.48%			3,733			0.96%			4.96%			1.68%			0.95%			4.95%			1.69%			0%
Direxion Daily AVGO Bear 1X Shares
For the Period October 10, 20248 through October 31, 2024			25.00			0.06			2.26			2.32			—			—			—			—			27.32			9.28%			2,732			0.95%			8.27%			3.57%			0.95%			8.27%			3.57%			0%
Direxion Daily GOOGL Bear 1X Shares
For the Year Ended October 31, 2024			19.48			0.65			(5.81)			(5.16)			(0.60)			—			—			(0.60)			13.72			−26.68%			4,116			1.02%			1.50%			4.33%			0.95%			1.43%			4.40%			0%
For the Year Ended October 31, 2023			27.66			0.87			(8.19)			(7.32)			(0.86)			—			—			(0.86)			19.48			−26.57%			1,948			1.03%			1.40%			3.76%			0.95%			1.32%			3.84%			0%
For the Period September 7, 20228 through October 31, 2022			25.00			0.06			2.61			2.67			(0.01)			—			—			(0.01)			27.66			10.68%			4,150			0.95%			4.89%			1.63%			0.95%			4.89%			1.63%			0%
Direxion Daily META Bear 1X Shares
For the Period June 5, 20248 through October 31, 2024			25.00			0.36			(4.47)			(4.11)			(0.23)			—			—			(0.23)			20.66			−16.45%			6,198			0.97%			2.14%			4.00%			0.95%			2.12%			4.02%			0%
Direxion Daily MSFT Bear 1X Shares
For the Year Ended October 31, 2024			17.40			0.60			(3.04)			(2.44)			(0.63)			—			—			(0.63)			14.33			−13.83%			7,883			1.00%			1.16%			4.19%			0.95%			1.11%			4.24%			0%
For the Year Ended October 31, 2023			26.71			0.77			(9.39)			(8.62)			(0.68)			(0.01)			—			(0.69)			17.40			−32.53%			5,220			0.99%			1.20%			3.96%			0.95%			1.16%			4.00%			0%
For the Period September 7, 20228 through October 31, 2022			25.00			0.06			1.66			1.72			(0.01)			—			—			(0.01)			26.71			6.88%			4,006			0.95%			4.61%			1.67%			0.95%			4.61%			1.67%			0%
Direxion Daily MU Bear 1X Shares
For the Period October 10, 20248 through October 31, 2024			25.00			0.06			0.29			0.35			—			—			—			—			25.35			1.40%			2,535			0.95%			9.03%			3.97%			0.95%			9.03%			3.97%			0%
																			��

The accompanying notes are an integral part of these financial statements.

126

Direxion Shares ETF Trust

Financial Highlights

October 31, 2024(Continued)

																																				Ratios to Average Net Assets5
			Net Asset Value, Beginning of Year/ Period			Net Investment Income (Loss)1			Net Realized and Unrealized Gain (Loss) on Investments3			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period			Total Return4			Net Assets, End of Year/ Period (000’s omitted)			Net Expenses6			Total Expenses			Net Investment Income (Loss) after Expense Reimbursement			Net Expenses2,6			Total Expenses2			Net Investment Income (Loss) after Expense Reimbursement2			Portfolio Turnover Rate7
Direxion Daily NFLX Bear 1X Shares
For the Period October 3, 20248 through October 31, 2024			$25.00			$0.07			$(1.78)			$(1.71)			$—			$—			$ —			$—			$23.29			−6.84%			$4,657			0.95%			7.64%			3.94%			0.95%			7.64%			3.94%			0%
Direxion Daily NVDA Bear 1X Shares
For the Year Ended October 31, 2024			27.28			0.40			(20.49)			(20.09)			(0.50)			(0.03)			—			(0.53)			6.66			−74.61%			29,659			1.10%			1.27%			4.35%			0.95%			1.12%			4.50%			0%
For the Period September 13, 20238 through October 31, 2023			25.00			0.10			2.18			2.28			—			—			—			—			27.28			9.12%			11,593			0.95%			1.95%			2.78%			0.95%			1.95%			2.78%			0%
Direxion Daily TSLA Bear 1X Shares
For the Year Ended October 31, 2024			23.90			0.67			(9.59)			(8.92)			(0.78)			—			—			(0.78)			14.20			−38.26%			44,022			1.85%			1.85%			3.31%			0.88%			0.88%			4.28%			0%
For the Year Ended October 31, 2023			30.18			0.95			(4.93)			(3.98)			(0.68)			(1.62)			—			(2.30)			23.90			−14.81%			49,603			1.16%			1.11%			3.78%			0.95%			0.90%			3.99%			0%
For the Period August 9, 20228 through October 31, 2022			25.00			0.10			5.10			5.20			(0.02)			—			—			(0.02)			30.18			20.84%			12,071			0.96%			2.15%			1.52%			0.95%			2.14%			1.53%			0%
Direxion Daily TSM Bear 1X Shares
For the Period October 3, 20248 through October 31, 2024			25.00			0.07			(2.25)			(2.18)			—			—			—			—			22.82			−8.72%			3,993			0.95%			6.18%			4.12%			0.95%			6.18%			4.12%			0%
Direxion Daily Crypto Industry Bear 1X Shares
For the Period July 17, 20248 through October 31, 2024			25.00			0.34			0.90			1.24			(0.31)			—			—			(0.31)			25.93			4.92%			2,593			1.03%			​3.91%			4.28%			0.45%			​3.33%			4.86%			0%
Direxion Daily Magnificent 7 Bear 1X Shares
For the Period March 7, 20248 through October 31, 2024			25.00			0.71			(5.36)			(4.65)			(0.73)			—			—			(0.73)			19.62			−18.69%			2,453			0.46%			1.88%			4.96%			0.45%			1.87%			4.97%			0%
Direxion Daily AAPL Bull 2X Shares
For the Year Ended October 31, 2024			23.32			0.92			11.94			12.86			(0.84)			—			—			(0.84)			35.34			55.72%			98,080			1.29%			1.27%			2.99%			0.89%			0.87%			3.39%			30%
For the Year Ended October 31, 2023			21.87			0.71			1.23			1.94			(0.49)			—			—			(0.49)			23.32			8.95%			34,981			1.21%			1.20%			2.90%			0.95%			0.94%			3.16%			4%
For the Period August 9, 20228 through October 31, 2022			25.00			0.06			(3.18)			(3.12)			(0.01)			—			—			(0.01)			21.87			−12.48%			7,108			0.95%			2.40%			1.20%			0.95%			2.40%			1.20%			9%
Direxion Daily AMZN Bull 2X Shares
For the Year Ended October 31, 2024			23.04			1.06			9.23			10.29			(0.98)			(0.34)			—			(1.32)			32.01			45.02%			158,437			1.09%			1.08%			3.32%			0.87%			0.86%			3.54%			0%
For the Year Ended October 31, 2023			17.89			0.61			4.96			5.57			(0.42)			—			—			(0.42)			23.04			31.53%			42,043			1.21%			1.19%			3.00%			0.95%			0.93%			3.26%			0%
For the Period September 7, 20228 through October 31, 2022			25.00			0.05			(7.15)			(7.10)			(0.01)			—			—			(0.01)			17.89			−28.42%			6,262			0.95%			5.02%			1.43%			0.95%			5.02%			1.43%			0%
Direxion Daily AVGO Bull 2X Shares
For the Period October 10, 20248 through October 31, 2024			25.00			0.04			(4.51)			(4.47)			—			—			—			—			20.53			−17.88%			4,105			0.95%			6.77%			3.15%			0.95%			6.77%			3.15%			0%

The accompanying notes are an integral part of these financial statements.

127

Direxion Shares ETF Trust

Financial Highlights

October 31, 2024(Continued)

																																				Ratios to Average Net Assets5
			Net Asset Value, Beginning of Year/ Period			Net Investment Income (Loss)1			Net Realized and Unrealized Gain (Loss) on Investments3			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period			Total Return4			Net Assets, End of Year/ Period (000’s omitted)			Net Expenses6			Total Expenses			Net Investment Income (Loss) after Expense Reimbursement			Net Expenses2,6			Total Expenses2			Net Investment Income (Loss) after Expense Reimbursement2			Portfolio Turnover Rate7
Direxion Daily GOOGL Bull 2X Shares
For the Year Ended October 31, 2024			$27.11			$1.20			$11.89			$13.09			$(1.00)			$—			$ —			$(1.00)			$39.20			48.48%			$153,851			1.17%			1.15%			3.25%			0.89%			0.87%			3.53%			52%
For the Year Ended October 31, 2023			20.42			0.70			6.52			7.22			(0.53)			—			—			(0.53)			27.11			35.52%			34,568			1.23%			1.24%			2.68%			0.95%			0.96%			2.96%			10%
For the Period September 7, 20228 through October 31, 2022			25.00			0.05			(4.62)			(4.57)			(0.01)			—			—			(0.01)			20.42			−18.30%			4,593			0.95%			5.02%			1.48%			0.95%			5.02%			1.48%			0%
Direxion Daily META Bull 2X Shares
For the Period June 5, 20248 through October 31, 2024			25.00			0.36			7.30			7.66			(0.21)			—			—			(0.21)			32.45			30.64%			52,737			1.21%			1.45%			3.00%			0.95%			1.19%			3.26%			9%
Direxion Daily MSFT Bull 2X Shares
For the Year Ended October 31, 2024			34.35			1.39			4.43			5.82			(1.31)			—			—			(1.31)			38.86			16.45%			159,322			1.19%			1.16%			3.20%			0.89%			0.86%			3.50%			0%
For the Year Ended October 31, 2023			21.54			0.99			12.47			13.46			(0.65)			—			—			(0.65)			34.35			62.95%			42,933			1.18%			1.18%			3.07%			0.95%			0.95%			3.30%			59%
For the Period September 7, 20228 through October 31, 2022			25.00			0.05			(3.50)			(3.45)			(0.01)			—			—			(0.01)			21.54			−13.82%			3,231			0.95%			5.19%			1.31%			0.95%			5.19%			1.31%			0%
Direxion Daily MU Bull 2X Shares
For the Period October 10, 20248 through October 31, 2024			25.00			0.05			(1.50)			(1.45)			—			—			—			—			23.55			−5.80%			5,298			0.95%			4.85%			2.98%			0.95%			4.85%			2.98%			0%
Direxion Daily NFLX Bull 2X Shares
For the Period October 3, 20248 through October 31, 2024			25.00			0.06			2.55			2.61			—			—			—			—			27.61			10.44%			5,522			0.95%			6.29%			2.88%			0.95%			6.29%			2.88%			0%
Direxion Daily NVDA Bull 2X Shares
For the Year Ended October 31, 2024			21.31			2.37			87.03			89.40			(1.42)			—			—			(1.42)			109.29			423.18%			655,747			1.52%			1.51%			2.78%			0.87%			0.86%			3.43%			12%
For the Period September 13, 20238 through October 31, 2023			25.00			0.11			(3.80)			(3.69)			—			—			—			—			21.31			−14.76%			13,850			0.95%			1.89%			3.47%			0.95%			1.89%			3.47%			114%
Direxion Daily TSLA Bull 2X Shares
For the Year Ended October 31, 2024			10.95			0.37			1.18			1.55			(0.37)			(0.27)			—			(0.64)			11.86			14.26%			2,276,052			1.11%			1.11%			3.60%			0.84%			0.84%			3.87%			77%
For the Year Ended October 31, 2023			16.64			0.40			(5.76)			(5.36)			(0.29)			(0.04)			—			(0.33)			10.95			−32.56%			752,509			1.19%			1.19%			2.98%			0.86%			0.86%			3.31%			72%
For the Period August 9, 20228 through October 31, 2022			25.00			0.07			(8.42)			(8.35)			(0.01)			—			—			(0.01)			16.64			−33.40%			100,286			0.98%			1.15%			1.55%			0.95%			1.12%			1.58%			33%
Direxion Daily TSM Bull 2X Shares
For the Period October 3, 20248 through October 31, 2024			25.00			0.07			3.56			3.63			—			—			—			—			28.63			14.52%			22,190			0.95%			2.47%			3.51%			0.95%			2.47%			3.51%			0%

The accompanying notes are an integral part of these financial statements.

128

Direxion Shares ETF Trust

Financial Highlights

October 31, 2024(Continued)

																																				Ratios to Average Net Assets5
			Net Asset Value, Beginning of Year/ Period			Net Investment Income (Loss)1			Net Realized and Unrealized Gain (Loss) on Investments3			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period			Total Return4			Net Assets, End of Year/ Period (000’s omitted)			Net Expenses6			Total Expenses			Net Investment Income (Loss) after Expense Reimbursement			Net Expenses2,6			Total Expenses2			Net Investment Income (Loss) after Expense Reimbursement2			Portfolio Turnover Rate7
Direxion Daily CSI 300 China A Share Bull 2X Shares
For the Year Ended October 31, 2024			$14.87			$0.38			$1.11			$1.49			$(0.42)			$—			$—			$(0.42)			$15.94			10.56%			$332,273			0.98%			0.98%			2.63%			0.90%			0.90%			2.71%			22%
For the Year Ended October 31, 2023			15.05			0.41			(0.20)			0.21			(0.39)			—			—			(0.39)			14.87			0.88%			57,246			1.02%			1.02%			2.09%			0.91%			0.91%			2.20%			57%
For the Year Ended October 31, 2022			39.31			0.13			(23.61)			(23.48)			(0.09)			(0.69)			—			(0.78)			15.05			−60.95%			39,119			0.92%			0.92%			0.46%			0.90%			0.90%			0.48%			83%
For the Year Ended October 31, 2021			32.67			(0.17)			6.81			6.64			—			—			—			—			39.31			20.32%			117,919			0.90%			0.89%			(0.42)%			0.89%			0.88%			(0.41)%			123%
For the Year Ended October 31, 2020			21.50			0.05			11.21			11.26			(0.08)			—			(0.01)			(0.09)			32.67			52.60%			96,388			1.01%			1.00%			0.19%			0.95%			0.94%			0.25%			0%
Direxion Daily CSI China Internet Index Bull 2X Shares
For the Year Ended October 31, 2024			31.19			0.81			7.84			8.65			(0.85)			—			—			(0.85)			38.99			28.26%			375,264			1.12%			1.12%			2.49%			0.86%			0.86%			2.75%			105%
For the Year Ended October 31, 2023			22.27			0.71			8.62			9.33			(0.41)			—			—			(0.41)			31.19			41.58%			320,424			1.05%			1.05%			1.67%			0.88%			0.88%			1.84%			186%
For the Year Ended October 31, 2022			194.10			(0.30)			(171.53)			(171.83)			—			—			—			—			22.27			−88.53%			161,974			0.93%			0.93%			(0.42)%			0.89%			0.89%			(0.38)%			142%
For the Year Ended October 31, 2021			539.10			(2.20)			(342.80)			(345.00)			—			—			—			—			194.10			−64.00%			314,433			0.89%			0.88%			(0.70)%			0.89%			0.88%			(0.70)%			23%
For the Year Ended October 31, 2020			241.90			(0.30)			298.50			298.20			(0.60)			—			(0.40)			(1.00)			539.10			123.61%			56,608			1.00%			1.01%			(0.09)%			0.95%			0.96%			(0.04)%			40%
Direxion Daily S&P 500® Bull 2X Shares
For the Year Ended October 31, 2024			80.61			1.05			59.73			60.78			(1.02)			—			—			(1.02)			140.37			75.63%			152,057			0.98%			1.03%			0.90%			0.60%			0.65%			1.28%			20%
For the Year Ended October 31, 2023			73.38			0.81			7.59			8.40			(1.17)			—			—			(1.17)			80.61			11.50%			216,302			0.80%			0.87%			0.93%			0.60%			0.67%			1.13%			76%
For the Year Ended October 31, 2022			111.86			0.75			(36.02)			(35.27)			(0.94)			(2.27)			—			(3.21)			73.38			−32.51%			50,139			0.61%			0.71%			0.82%			0.60%			0.70%			0.83%			72%
For the Year Ended October 31, 2021			61.16			0.77			55.98			56.75			(0.69)			(5.36)			—			(6.05)			111.86			98.25%			59,648			0.60%			0.72%			0.85%			0.60%			0.72%			0.85%			42%
For the Year Ended October 31, 2020			59.28			0.69			2.15			2.84			(0.75)			(0.21)			—			(0.96)			61.16			4.75%			17,324			0.63%			0.88%			1.20%			0.60%			0.85%			1.23%			105%
Direxion Daily MSCI Brazil Bull 2X Shares
For the Year Ended October 31, 2024			72.18			4.01			(10.88)			(6.87)			(3.91)			—			—			(3.91)			61.40			−10.66%			107,985			1.15%			1.15%			5.13%			0.91%			0.91%			5.37%			42%
For the Year Ended October 31, 2023			86.38			3.78			(14.29)			(10.51)			(3.69)			—			—			(3.69)			72.18			−12.28%			101,669			1.43%			1.43%			5.09%			0.93%			0.93%			5.59%			32%
For the Year Ended October 31, 2022			67.24			5.75			18.05			23.80			(4.66)			—			—			(4.66)			86.38			37.79%			138,954			0.98%			0.98%			7.16%			0.92%			0.92%			7.22%			54%
For the Year Ended October 31, 2021			61.66			0.56			5.94			6.50			(0.64)			—			(0.28)			(0.92)			67.24			9.83%			185,492			0.91%			0.91%			0.55%			0.91%			0.91%			0.55%			25%
For the Year Ended October 31, 2020			1,116.50			1.54			(1,049.80)			(1,048.26)			(5.28)			—			(1.30)			(6.58)			61.66			−94.40%			160,853			1.05%			1.05%			1.01%			0.95%			0.95%			1.11%			232%
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares
For the Period February 7, 20248 through October 31, 2024			25.00			0.34			1.55			1.89			(0.41)			—			—			(0.41)			26.48			7.48%			3,310			0.95%			2.68%			1.74%			0.95%			2.68%			1.74%			63%
Direxion Daily MSCI India Bull 2X Shares
For the Year Ended October 31, 2024			45.46			0.76			20.34			21.10			(0.83)			—			—			(0.83)			65.73			46.52%			95,288			1.39%			1.39%			1.18%			0.89%			0.89%			1.68%			0%
For the Year Ended October 31, 2023			47.61			0.84			(2.29)			(1.45)			(0.70)			—			—			(0.70)			45.46			−3.02%			56,812			1.03%			1.03%			1.84%			0.92%			0.92%			1.95%			8%
For the Year Ended October 31, 2022			61.91			1.54			(14.44)			(12.90)			(1.40)			—			—			(1.40)			47.61			−21.15%			52,361			0.95%			0.95%			2.89%			0.92%			0.92%			2.92%			0%
For the Year Ended October 31, 2021			30.67			(0.41)			31.65			31.24			—			—			—			—			61.91			101.86%			92,846			0.92%			0.91%			(0.83)%			0.91%			0.90%			(0.82)%			11%
For the Year Ended October 31, 2020			66.74			(0.14)			(35.92)			(36.06)			(0.01)			—			(0.00)9			(0.01)			30.67			−54.04%			84,346			0.99%			0.98%			(0.46)%			0.95%			0.94%			(0.42)%			157%

The accompanying notes are an integral part of these financial statements.

129

Direxion Shares ETF Trust

Financial Highlights

October 31, 2024(Continued)

																																				Ratios to Average Net Assets5
			Net Asset Value, Beginning of Year/ Period			Net Investment Income (Loss)1			Net Realized and Unrealized Gain (Loss) on Investments3			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period			Total Return4			Net Assets, End of Year/ Period (000’s omitted)			Net Expenses6			Total Expenses			Net Investment Income (Loss) after Expense Reimbursement			Net Expenses2,6			Total Expenses2			Net Investment Income (Loss) after Expense Reimbursement2			Portfolio Turnover Rate7
Direxion Daily AI and Big Data Bull 2X Shares
For the Period May 15, 20248 through October 31, 2024			$25.00			$0.02			$4.92			$4.94			$(0.04)			$—			$—			$(0.04)			$29.90			19.76%			$7,475			1.07%			1.85%			0.13%			0.95%			1.73%			0.25%			51%
Direxion Daily AI and Big Data Bear 2X Shares
For the Period May 15, 20248 through October 31, 2024			25.00			0.44			(5.66)			(5.22)			(0.38)			—			—			(0.38)			19.40			​−20.95%			2,425			0.99%			3.27%			4.42%			0.95%			3.23%			4.46%			0%
Direxion Daily Cloud Computing Bull 2X Shares
For the Year Ended October 31, 2024			7.55			0.01			3.74			3.75			—			—			—			—			11.30			49.67%			4,804			1.19%			1.84%			0.10%			0.95%			1.60%			0.34%			20%
For the Year Ended October 31, 2023			7.05			(0.02)			0.52			0.50			—			—			—			—			7.55			7.09%			6,414			1.22%			1.79%			(0.21)%			0.95%			1.52%			0.06%			30%
For the Year Ended October 31, 2022			32.12			(0.07)			(23.98)			(24.05)			—			(1.02)			—			(1.02)			7.05			−77.03%			7,759			0.96%			1.24%			(0.54)%			0.95%			1.23%			(0.53)%			16%
For the Period January 8, 20218 through October 31, 2021			25.00			(0.18)			7.30			7.12			—			—			—			—			32.12			28.48%			27,301			0.95%			1.03%			(0.82)%			0.95%			1.03%			(0.82)%			19%
Direxion Daily Crypto Industry Bull 2X Shares
For the Period July 17, 20248 through October 31, 2024			25.00			0.05			(3.64)			(3.59)			(0.05)			—			—			(0.05)			21.36			−14.33%			2,671			0.95%			​4.39%			0.89%			0.95%			​4.39%			0.89%			47%
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares
For the Year Ended October 31, 2024			35.28			0.57			(17.62)			(17.05)			(0.69)			—			—			(0.69)			17.54			−48.89%			4,823			1.01%			1.83%			2.57%			0.95%			1.77%			2.63%			59%
For the Year Ended October 31, 2023			95.20			1.67			(60.57)			(58.90)			(1.02)			—			—			(1.02)			35.28			−62.32%			4,408			1.14%			1.94%			2.61%			0.95%			1.75%			2.80%			137%
For the Period August 11, 20228 through October 31, 2022			250.00			0.009			(154.80)			(154.80)			—			—			—			—			95.20			−61.92%			2,855			0.95%			4.74%			(0.11)%			0.95%			4.74%			(0.11)%			74%
Direxion Daily Energy Bull 2X Shares
For the Year Ended October 31, 2024			58.76			1.67			1.14			2.81			(1.69)			—			—			(1.69)			59.88			4.67%			309,210			1.27%			1.27%			2.70%			0.89%			0.89%			3.08%			18%
For the Year Ended October 31, 2023			70.96			1.77			(12.22)			(10.45)			(1.75)			—			—			(1.75)			58.76			−14.68%			368,050			1.22%			1.22%			2.85%			0.91%			0.91%			3.16%			6%
For the Year Ended October 31, 2022			31.63			1.24			39.43			40.67			(1.34)			—			—			(1.34)			70.96			130.82%			558,028			1.03%			1.03%			2.62%			0.92%			0.92%			2.73%			8%
For the Year Ended October 31, 2021			8.45			0.51			23.20			23.71			(0.53)			—			—			(0.53)			31.63			283.45%			599,755			0.95%			0.93%			2.31%			0.94%			0.92%			2.32%			36%
For the Year Ended October 31, 2020			143.60			0.52			(134.67)			(134.15)			(1.00)			—			—			(1.00)			8.45			−93.97%			257,498			0.98%			1.00%			2.80%			0.95%			0.97%			2.83%			72%
Direxion Daily Energy Bear 2X Shares
For the Year Ended October 31, 2024			27.54			1.00			(3.41)			(2.41)			(1.18)			—			—			(1.18)			23.95			−8.61%			23,114			1.19%			1.23%			4.13%			0.95%			0.99%			4.37%			0%
For the Year Ended October 31, 2023			28.94			1.03			(1.41)			(0.38)			(1.02)			—			—			(1.02)			27.54			−1.57%			26,584			1.14%			1.13%			3.59%			0.95%			0.94%			3.78%			0%
For the Year Ended October 31, 2022			109.90			0.11			(81.07)			(80.96)			—			—			—			—			28.94			−73.67%			39,513			1.00%			1.03%			0.22%			0.95%			0.98%			0.27%			0%
For the Year Ended October 31, 2021			735.70			(1.70)			(624.10)			(625.80)			—			—			—			—			109.90			−85.06%			39,105			0.95%			0.99%			(0.93)%			0.95%			0.99%			(0.93)%			0%
For the Year Ended October 31, 2020			506.10			(1.90)			233.80			231.90			(1.50)			—			(0.80)			(2.30)			735.70			45.80%			33,626			1.00%			1.09%			(0.32)%			0.95%			1.04%			(0.27)%			0%

The accompanying notes are an integral part of these financial statements.

130

Direxion Shares ETF Trust

Financial Highlights

October 31, 2024(Continued)

																																				Ratios to Average Net Assets5
			Net Asset Value, Beginning of Year/ Period			Net Investment Income (Loss)1			Net Realized and Unrealized Gain (Loss) on Investments3			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period			Total Return4			Net Assets, End of Year/ Period (000’s omitted)			Net Expenses6			Total Expenses			Net Investment Income (Loss) after Expense Reimbursement			Net Expenses2,6			Total Expenses2			Net Investment Income (Loss) after Expense Reimbursement2			Portfolio Turnover Rate7
Direxion Daily Gold Miners Index Bull 2X Shares
For the Year Ended October 31, 2024			$28.57			$0.70			$21.82			$22.52			$(0.71)			$—			$—			$(0.71)			$50.38			79.97%			$566,837			1.54%			1.54%			1.88%			0.85%			0.85%			2.57%			48%
For the Year Ended October 31, 2023			24.97			0.71			3.38			4.09			(0.49)			—			—			(0.49)			28.57			16.06%			468,632			1.20%			1.20%			2.00%			0.86%			0.86%			2.34%			108%
For the Year Ended October 31, 2022			49.07			0.25			(24.35)			(24.10)			—			—			—			—			24.97			−49.11%			375,908			0.89%			0.89%			0.56%			0.87%			0.87%			0.58%			117%
For the Year Ended October 31, 2021			76.72			(0.30)			(27.35)			(27.65)			—			—			—			—			49.07			−36.04%			750,864			0.86%			0.86%			(0.49)%			0.86%			0.86%			(0.49)%			71%
For the Year Ended October 31, 2020			158.15			(0.22)			(80.50)			(80.72)			(0.37)			—			(0.34)			(0.71)			76.72			−51.26%			1,032,006			1.07%			1.07%			(0.23)%			0.90%			0.90%			(0.06)%			333%
Direxion Daily Gold Miners Index Bear 2X Shares11
For the Year Ended October 31, 2024			134.30			3.32			​(82.33)			​(79.01)			​(3.70)			—			—			​(3.70)			51.59			−59.86%			94,983			1.17%			1.17%			4.37%			0.87%			0.87%			4.67%			0%
For the Year Ended October 31, 2023			237.00			4.10			(102.90)			(98.80)			(3.90)			—			—			(3.90)			134.30			−41.52%			169,396			1.47%			1.47%			3.42%			0.88%			0.88%			4.01%			0%
For the Year Ended October 31, 2022			206.00			(0.30)			31.30			31.00			—			—			—			—			237.00			15.05%			86,749			1.10%			1.09%			(0.14)%			0.92%			0.91%			0.04%			0%
For the Year Ended October 31, 2021			200.80			(1.70)			6.90			5.20			—			—			—			—			206.00			2.59%			64,076			0.87%			0.88%			(0.85)%			0.87%			0.88%			(0.85)%			0%
For the Year Ended October 31, 2020			1,697.50			1.00			(1,487.20)			(1,486.20)			(6.30)			—			(4.20)			(10.50)			200.80			−88.01%			101,595			0.93%			0.93%			0.20%			0.91%			0.91%			0.22%			0%
Direxion Daily Junior Gold Miners Index Bull 2X Shares
For the Year Ended October 31, 2024			26.90			0.75			25.26			26.01			(0.82)			—			—			(0.82)			52.09			98.36%			322,598			1.58%			1.58%			2.07%			0.83%			0.83%			2.82%			22%
For the Year Ended October 31, 2023			25.93			0.64			0.76			1.40			(0.43)			—			—			(0.43)			26.90			5.10%			309,198			1.21%			1.21%			1.84%			0.85%			0.85%			2.20%			98%
For the Year Ended October 31, 2022			67.05			0.28			(41.40)			(41.12)			—			—			—			—			25.93			−61.33%			226,686			0.86%			0.86%			0.55%			0.85%			0.85%			0.56%			140%
For the Year Ended October 31, 2021			117.16			(0.08)			(49.69)			(49.77)			—			—			(0.34)			(0.34)			67.05			−42.53%			515,810			0.85%			0.85%			(0.09)%			0.84%			0.84%			(0.08)%			67%
For the Year Ended October 31, 2020			695.10			(0.55)			(577.27)			(577.82)			(0.10)			—			(0.02)			(0.12)			117.16			−83.11%			672,880			1.02%			1.02%			(0.32)%			0.87%			0.87%			(0.17)%			312%
Direxion Daily Junior Gold Miners Index Bear 2X Shares10
For the Year Ended October 31, 2024			76.00			1.81			​(52.35)			​(50.54)			​(2.06)			—			—			​(2.06)			23.40			−67.68%			54,936			1.29%			1.29%			4.26%			0.85%			0.85%			4.70%			0%
For the Year Ended October 31, 2023			134.70			2.40			(58.70)			(56.30)			(2.40)			—			—			(2.40)			76.00			−41.65%			126,357			1.38%			1.38%			3.46%			0.87%			0.87%			3.97%			0%
For the Year Ended October 31, 2022			110.00			(0.10)			24.80			24.70			—			—			—			—			134.70			22.45%			113,621			1.08%			1.08%			(0.05)%			0.89%			0.89%			0.14%			0%
For the Year Ended October 31, 2021			117.20			(0.90)			(6.30)			(7.20)			—			—			—			—			110.00			−6.14%			75,675			0.87%			0.87%			(0.84)%			0.87%			0.87%			(0.84)%			0%
For the Year Ended October 31, 2020			3,357.50			0.009			(3,222.10)			(3,222.10)			(11.10)			—			(7.10)			(18.20)			117.20			−96.42%			83,570			0.93%			0.93%			0.01%			0.91%			0.91%			0.03%			0%
Direxion Daily Magnificent 7 Bull 2X Shares
For the Period March 7, 20248 through October 31, 2024			25.00			0.16			11.20			11.36			(0.16)			—			—			(0.16)			36.20			45.46%			19,004			1.07%			1.44%			0.76%			0.95%			1.32%			0.88%			267%
Direxion Daily NYSE FANG+ Bull 2X Shares
For the Year Ended October 31, 2024			64.81			1.60			79.67			81.27			(1.54)			—			—			(1.54)			144.54			125.89%			62,132			1.50%			1.47%			1.33%			0.95%			0.92%			1.88%			92%
For the Year Ended October 31, 2023			43.60			0.68			21.00			21.68			(0.47)			—			—			(0.47)			64.81			49.68%			21,379			1.41%			1.52%			1.24%			0.95%			1.06%			1.70%			84%
For the Year Ended October 31, 2022			296.50			(0.30)			(240.80)			(241.10)			—			(11.70)			(0.10)			(11.80)			43.60			−84.62%			12,640			0.96%			1.15%			(0.39)%			0.95%			1.14%			(0.38)%			170%
For the Period September 30, 20218 through October 31, 2021			250.00			(0.20)			46.70			46.50			—			—			—			—			296.50			18.60%			7,413			0.95%			3.72%			(0.94)%			0.95%			3.72%			(0.94)%			20%

The accompanying notes are an integral part of these financial statements.

131

Direxion Shares ETF Trust

Financial Highlights

October 31, 2024(Continued)

																																				Ratios to Average Net Assets5
			Net Asset Value, Beginning of Year/ Period			Net Investment Income (Loss)1			Net Realized and Unrealized Gain (Loss) on Investments3			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period			Total Return4			Net Assets, End of Year/ Period (000’s omitted)			Net Expenses6			Total Expenses			Net Investment Income (Loss) after Expense Reimbursement			Net Expenses2,6			Total Expenses2			Net Investment Income (Loss) after Expense Reimbursement2			Portfolio Turnover Rate7
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares
For the Year Ended October 31, 2024			$13.46			$0.30			$9.51			$9.81			$(0.29)			$—			$—			$(0.29)			$22.98			72.90%			$28,119			1.41%			1.42%			1.36%			0.95%			0.96%			1.82%			0%
For the Year Ended October 31, 2023			11.34			0.15			2.04			2.19			(0.07)			—			—			(0.07)			13.46			19.17%			21,182			1.52%			1.57%			0.87%			0.95%			1.00%			1.44%			0%
For the Year Ended October 31, 2022			49.81			(0.13)			(37.36)			(37.49)			—			(0.98)			—			(0.98)			11.34			−76.73%			11,043			0.96%			1.01%			(0.54)%			0.95%			1.00%			(0.53)%			0%
For the Year Ended October 31, 2021			33.43			(0.38)			23.19			22.81			(2.81)			(3.62)			—			(6.43)			49.81			73.55%			46,003			0.96%			0.95%			(0.88)%			0.95%			0.94%			(0.87)%			11%
For the Year Ended October 31, 2020			22.74			(0.13)			10.85			10.72			(0.03)			—			—			(0.03)			33.43			47.15%			44,245			1.03%			1.10%			(0.56)%			0.95%			1.02%			(0.48)%			93%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares
For the Year Ended October 31, 2024			37.27			0.85			(9.74)			(8.89)			(0.85)			—			—			(0.85)			27.53			−24.28%			350,051			1.43%			1.43%			2.49%			0.91%			0.91%			3.01%			36%
For the Year Ended October 31, 2023			46.24			0.84			(9.04)			(8.20)			(0.77)			—			—			(0.77)			37.27			−17.42%			567,052			1.42%			1.42%			2.41%			0.92%			0.92%			2.91%			48%
For the Year Ended October 31, 2022			27.58			0.19			18.64			18.83			(0.17)			—			—			(0.17)			46.24			68.43%			800,618			1.18%			1.18%			0.56%			0.93%			0.93%			0.81%			55%
For the Year Ended October 31, 2021			4.88			(0.04)			22.76			22.72			(0.02)			—			(0.00)9			(0.02)			27.58			465.94%			891,290			0.95%			0.93%			(0.25)%			0.94%			0.92%			(0.24)%			194%
For the Year Ended October 31, 2020			270.40			0.05			(264.84)			(264.79)			(0.73)			—			—			(0.73)			4.88			−98.19%			342,250			0.97%			1.00%			0.47%			0.95%			0.98%			0.49%			315%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares
For the Year Ended October 31, 2024			10.33			0.44			1.23			1.67			(0.53)			—			—			(0.53)			11.47			17.12%			40,222			1.23%			1.23%			4.22%			0.95%			0.95%			4.50%			0%
For the Year Ended October 31, 2023			12.44			0.45			(2.07)			(1.62)			(0.49)			—			—			(0.49)			10.33			−14.02%			73,459			1.24%			1.24%			3.58%			0.95%			0.95%			3.87%			0%
For the Year Ended October 31, 2022			48.60			0.02			(36.18)			(36.16)			—			—			—			—			12.44			−74.40%			102,747			1.01%			1.01%			0.09%			0.95%			0.95%			0.15%			0%
For the Year Ended October 31, 2021			714.90			(0.90)			(665.40)			(666.30)			0.009			—			—			0.009			48.60			−93.20%			93,490			0.95%			0.95%			(0.93)%			0.95%			0.95%			(0.93)%			0%
For the Year Ended October 31, 2020			739.40			(3.00)			(21.20)			(24.20)			(0.30)			—			—			(0.30)			714.90			−3.26%			39,046			1.18%			1.24%			(0.44)%			0.95%			1.01%			(0.21)%			0%
Direxion Daily Travel & Vacation Bull 2X Shares
For the Year Ended October 31, 2024			9.77			0.21			7.23			7.44			​(0.21)			—			​(0.01)			(0.22)			16.99			76.53%			8,494			1.11%			1.24%			1.48%			0.95%			1.08%			1.64%			11%
For the Year Ended October 31, 2023			10.36			0.12			(0.65)			(0.53)			(0.06)			—			—			(0.06)			9.77			−5.27%			11,725			1.19%			1.26%			0.94%			0.95%			1.02%			1.18%			29%
For the Year Ended October 31, 2022			20.74			(0.03)			(10.35)			(10.38)			—			—			—			—			10.36			−50.05%			23,824			0.97%			1.01%			(0.24)%			0.95%			0.99%			(0.22)%			10%
For the Period June 10, 20218 through October 31, 2021			25.00			(0.03)			(4.23)			(4.26)			—			—			—			—			20.74			−17.04%			12,447			0.95%			1.31%			(0.36)%			0.95%			1.31%			(0.36)%			26%
Direxion Daily Uranium Industry Bull 2X Shares
For the Period June 26, 20248 through October 31, 2024			25.00			0.17			(0.81)			(0.64)			(0.07)			—			—			(0.07)			24.29			−2.52%			7,893			1.01%			3.04%			2.17%			0.95%			2.98%			2.23%			78%

1
Net investment income (loss) per share represents net investment income divided by the daily average shares of beneficial interest outstanding throughout each period.

2
Excludes interest expense and extraordinary expenses which comprise of tax and litigation expenses.

3
Due to the timing of sales and redemptions of capital shares, the net realized and unrealized gain (loss) per share will not equal the Fund's changes in net realized and unrealized gain (loss) on investments, in-kind redemptions, futures and swaps for the period.

4
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived or recouped by the investment advisor.

5
For periods less than a year, these ratios are annualized.

The accompanying notes are an integral part of these financial statements.

132

Direxion Shares ETF Trust

Financial Highlights

October 31, 2024(Continued)

6
Net expenses include effects of any reimbursement/waiver or recoupment.

7
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Portfolio turnover rate does not include effects of turnover of the swap and future contracts portfolio. Short-term securities with maturities less than or equal to 366 days are also excluded from portfolio turnover calculation.

8
Commencement of operations.

9
Between $(0.005) and $0.005.

10
Effective July 1, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

11
Effective November 4, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

The accompanying notes are an integral part of these financial statements.

133

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024

1. ORGANIZATION

The Direxion Shares ETF Trust (the “Trust”) is a Delaware statutory trust formed on April 23, 2008, and is registered with the Securities and Exchange Commission (“SEC”) as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is a registered investment company that has 93 separate series (each, a “Fund” and together the “Funds”). 49 of these Funds are included in this report:

Bull Funds			Bear Funds
Direxion Daily AAPL Bull 2X Shares1			Direxion Daily S&P 500® Bear 1X Shares
Direxion Daily AMZN Bull 2X Shares1			Direxion Daily AAPL Bear 1X Shares
Direxion Daily AVGO Bull 2X Shares			Direxion Daily AMZN Bear 1X Shares
Direxion Daily GOOGL Bull 2X Shares1			Direxion Daily AVGO Bear 1X Shares
Direxion Daily META Bull 2X Shares			Direxion Daily GOOGL Bear 1X Shares
Direxion Daily MSFT Bull 2X Shares1			Direxion Daily META Bear 1X Shares
Direxion Daily MU Bull 2X Shares			Direxion Daily MSFT Bear 1X Shares
Direxion Daily NFLX Bull 2X Shares			Direxion Daily MU Bear 1X Shares
Direxion Daily NVDA Bull 2X Shares1			Direxion Daily NFLX Bear 1X Shares
Direxion Daily TSLA Bull 2X Shares1			Direxion Daily NVDA Bear 1X Shares
Direxion Daily TSM Bull 2X Shares			Direxion Daily TSLA Bear 1X Shares
Direxion Daily CSI 300 China A Share Bull 2X Shares			Direxion Daily TSM Bear 1X Shares
Direxion Daily CSI China Internet Index Bull 2X Shares			Direxion Daily Crypto Industry Bear 1X Shares
Direxion Daily S&P 500® Bull 2X Shares			Direxion Daily Magnificent 7 Bear 1X Shares2
Direxion Daily MSCI Brazil Bull 2X Shares			Direxion Daily AI and Big Data Bear 2X Shares
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			Direxion Daily Energy Bear 2X Shares
Direxion Daily MSCI India Bull 2X Shares			Direxion Daily Gold Miners Index Bear 2X Shares
Direxion Daily AI and Big Data Bull 2X Shares			Direxion Daily Junior Gold Miners Index Bear 2X Shares
Direxion Daily Cloud Computing Bull 2X Shares			Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares
Direxion Daily Crypto Industry Bull 2X Shares
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares
Direxion Daily Energy Bull 2X Shares
Direxion Daily Gold Miners Index Bull 2X Shares
Direxion Daily Junior Gold Miners Index Bull 2X Shares
Direxion Daily Magnificent 7 Bull 2X Shares2
Direxion Daily NYSE FANG+ Bull 2X Shares
Direxion Daily Robotics, Artificial Intelligence & Automation
Index Bull 2X Shares
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares
Direxion Daily Travel & Vacation Bull 2X Shares
Direxion Daily Uranium Industry Bull 2X Shares

1
Effective April 2, 2024, these Funds’ new investment objective and strategy changed to seek daily leveraged investment results, before fees and expenses, of 200%, as applicable, of the performance of their underlying index. Prior to April 2, 2024, the investment objective and strategy were 1.5X.

2
Effective August 16, 2024, the Direxion Daily Concentrated Qs Bear 1X Shares and Direxion Daily Concentrated Qs Bull 2X Shares changed their names to Direxion Daily Magnificent 7 Bear 1X Shares and Direxion Daily Magnificent 7 Bull 2X Shares, respectively.

The Trust has evaluated the structure, objective and activities of the Funds and determined that they meet the characteristics of an investment company. As such, these financial statements have applied the guidance as set forth in the Accounting Standards Codifications (“ASC”) 946, “Financial Services-Investment Companies”.

Rafferty Asset Management, LLC (the “Adviser”) has registered as a commodity pool operator (“CPO”). All Funds presented in this report are considered commodity pools under the Commodity Exchange Act (the “CEA).

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Accordingly, the Adviser is subject to registration and regulation as a CPO under the CEA and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission and the National Futures Association, including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements.

Each Fund’s investment objective is to seek daily investment results, before fees and expenses, that correspond to the performance of a particular index or benchmark. The Funds with the word “Bull” in their name attempt to provide investment results that correlate positively to the return of an index or benchmark. The Funds with the word “Bear” in their name attempt to provide investment results that correlate negatively to the return of an index or benchmark. The correlations sought by the Bull Funds are a multiple of 200% of the return of the target index or benchmark and a multiple of -100% or -200% of the return of the target index or benchmark for the Bear Funds.

Funds			Index or Benchmark			Daily Target
Direxion Daily S&P 500® Bear 1X Shares			S&P 500® Index			−100%
Direxion Daily AAPL Bear 1X Shares			Common shares of Apple, Inc.			−100%
Direxion Daily AMZN Bear 1X Shares			Common shares of Amazon, Inc.			−100%
Direxion Daily AVGO Bear 1X Shares			Common shares of Broadcom, Inc.			−100%
Direxion Daily GOOGL Bear 1X Shares			Common shares of Alphabet, Inc.			−100%
Direxion Daily META Bear 1X Shares			Common shares of META Platforms, Inc.			−100%
Direxion Daily MSFT Bear 1X Shares			Common shares of Microsoft Corp.			−100%
Direxion Daily MU Bear 1X Shares			Common shares of Micron Technology, Inc.			−100%
Direxion Daily NFLX Bear 1X Shares			Common shares of Netflix, Inc.			−100%
Direxion Daily NVDA Bear 1X Shares			Common shares of NVIDIA Corp.			−100%
Direxion Daily TSLA Bear 1X Shares			Common shares of Tesla, Inc.			−100%
Direxion Daily TSM Bear 1X Shares			Common shares of Taiwan Semiconductor Manufacturing Co. Ltd.			−100%
Direxion Daily Crypto Industry Bear 1X Shares			Solactive Distributed Ledger & Decentralized Payment Tech Index			−100%
Direxion Daily Magnificent 7 Bear 1X Shares			Indxx Magnificent 7 Index*			−100%
Direxion Daily AAPL Bull 2X Shares			Common shares of Apple, Inc.			200%
Direxion Daily AMZN Bull 2X Shares			Common shares of Amazon, Inc.			200%
Direxion Daily AVGO Bull X Shares			Common shares of Broadcom, Inc.			200%
Direxion Daily GOOGL Bull 2X Shares			Common shares of Alphabet, Inc.			200%
Direxion Daily META Bull 2X Shares			Common shares of META Platforms, Inc.			200%
Direxion Daily MSFT Bull 2X Shares			Common shares of Microsoft Corp.			200%
Direxion Daily MU Bull 2X Shares			Common shares of Micron Technology, Inc.			200%
Direxion Daily NFLX Bull 2X Shares			Common shares of Netflix, Inc.			200%
Direxion Daily NVDA Bull 2X Shares			Common shares of NVIDIA Corp.			200%
Direxion Daily TSLA Bull 2X Shares			Common shares of Tesla, Inc.			200%
Direxion Daily TSM Bull 2X Shares			Common shares of Taiwan Semiconductor Manufacturing Co. Ltd.			200%
Direxion Daily CSI 300 China A Share Bull 2X Shares			CSI 300 Index			200%
Direxion Daily CSI China Internet Index Bull 2X Shares			CSI Overseas China Internet Index			200%

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Funds			Index or Benchmark			Daily Target
Direxion Daily S&P 500® Bull 2X Shares			S&P 500® Index			200%
Direxion Daily MSCI Brazil Bull 2X Shares			MSCI Brazil 25/50 Index			200%
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			MSCI Emerging Markets ex China Index			200%
Direxion Daily MSCI India Bull 2X Shares			MSCI India Index			200%
Direxion Daily AI and Big Data Bull 2X Shares Direxion Daily AI and Big Data Bear 2X Shares			Solactive US AI & Big Data Index			200% −200%
Direxion Daily Cloud Computing Bull 2X Shares			Indxx USA Cloud Computing Index			200%
Direxion Daily Crypto Industry Bull 2X Shares			Solactive Distributed Ledger & Decentralized Payment Tech Index			200%
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			Indxx US Electric and Autonomous Vehicles Index			200%
Direxion Daily Energy Bull 2X Shares Direxion Daily Energy Bear 2X Shares			Energy Select Sector Index			200% −200%
Direxion Daily Gold Miners Index Bull 2X Shares Direxion Daily Gold Miners Index Bear 2X Shares			NYSE Arca Gold Miners Index			200% −200%
Direxion Daily Junior Gold Miners Index Bull 2X Shares Direxion Daily Junior Gold Miners Index Bear 2X Shares			MVIS Global Junior Gold Miners Index			200% −200%
Direxion Daily Magnificent 7 Bull 2X Shares			Indxx Magnificent 7 Index*			200%
Direxion Daily NYSE FANG+ Bull 2X Shares			NYSE FANG+ Index			200%
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			Indxx Global Robotics and Artificial Intelligence Thematic Index			200%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			S&P Oil & Gas Exploration & Production Select Industry Index			200% −200%
Direxion Daily Travel & Vacation Bull 2X Shares			BlueStar® Travel and Vacation Index			200%
Direxion Daily Uranium Industry Bull 2X Shares			Solactive United States Uranium and Nuclear Energy ETF Select Index			200%

*
Effective August 16, 2024, Direxion Daily Magnificent 7 Bear 1X Shares and Direxion Daily Magnificent 7 Bull 2X Shares changed their benchmark index from Indxx Front of the Q Index to Indxx Magnificent 7 Index.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”).

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a) Investment Valuation – The Net Asset Value (“NAV”) per share of each Fund is determined daily, as of the close of regular trading on the New York Stock Exchange (“NYSE”) (normally at 4:00 p.m. Eastern time (“Valuation Time”)), each day the NYSE is open for business. A security listed or traded on an exchange, domestic or foreign, is valued at its last sales price on the principal exchange on which it is traded prior to the time when assets are valued. If no sale is reported at that time, the mean of the last bid and asked prices is used. Securities primarily traded on the NASDAQ^® Global Market (“NASDAQ”) for which market quotations are readily available are valued using the NASDAQ^® Official Closing Price (“NOCP”) provided by NASDAQ each business day. Over-the-counter (“OTC”) securities held by a Fund are valued at the last sales price or, if no sales price is reported, the mean of the last bid and asked price is used. The portfolio securities of a Fund that are listed on national exchanges are valued at the last sales price of such securities or; if no sales price is reported, the mean of the last bid and asked price is used. Swap contracts are valued using the closing price of the underlying reference entity or the closing value of the underlying reference index. The Funds valued their investments in money market funds based on their daily net asset values. Futures contracts are valued at the settlement price established on the exchange on which they are traded, if that settlement price reflects trading prior to the Valuation Time. If the settlement price established by the exchange reflects trading after the Valuation Time, then the last sales price prior to Valuation Time will be used. Securities, swap or futures contracts are fair valued as determined by the Adviser under the supervision of the Board of Trustees (the “Board”) in the following scenarios: a) reliable market quotations are not readily available; b) the Fund’s pricing service does not provide a valuation for such securities; c) the Fund’s pricing service provides a valuation that in the judgment of the Adviser does not represent fair value; or d) the Fund or Adviser believes the market price is stale.

b) Swap Contracts – Each Fund may enter into equity swap contacts. Standard equity swap contracts are between two parties that agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross amount to be exchanged is calculated with respect to a “notional amount” (i.e. the return on or increase in value of a particular dollar amount invested in a “basket” of securities representing a particular index or industry sector). Each Fund enters into master netting agreements with counterparties to mitigate counterparty credit risk in derivative contracts. A Fund does not offset fair value amounts for derivative contracts and related cash collateral on the Statements of Assets and Liabilities arising from derivative contracts executed with the same counterparties under such master netting agreements. Each Fund’s obligations are accrued daily and offset by any amounts owed to the Fund.

In a “long” equity swap agreement, the counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of the swap contract would have increased in value if the Fund had been invested in the particular securities, plus dividends that would have been received on those securities. The Fund will agree to pay the counterparty a floating rate of interest on the notional amount of the swap contract plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such securities plus, in certain instances, commissions or trading spreads on the notional amounts. Thus, the return on the swap contract should be the gain or loss on the notional amount plus dividends on the securities less the interest and commission paid by the Fund on the notional amount. Payments may be made at the conclusion of the contract or periodically during its term. In certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the counterparty will pay the Fund interest. These swap contracts do not include the delivery of securities by the Funds to the counterparty. The net amount of the excess, if any, of the Fund’s obligations owed over its entitlement with respect to each swap is accrued on a daily basis and an amount of cash or liquid assets having an aggregate net asset value at least equal to such accrued excess is maintained in a segregated account by the Funds’ custodian. Until a swap contract is settled in cash, the gain or loss on the notional amount plus dividends on the securities less the interest paid by the Fund on the notional amount are recorded as “unrealized appreciation or depreciation on swaps” and when cash is exchanged, the gain or loss is recorded as “realized gains or losses on swaps”.

Each Fund may enter into swap contracts that provide the opposite return of the underlying benchmark or security (“short” the index or security). The operations are similar to that of the swaps disclosed above except that the counterparty pays interest to the Fund on the notional amount outstanding and the dividends on the underlying securities reduce the return of the swap. However, in certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the Fund will pay the

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counterparty interest. These amounts are netted with any unrealized appreciation or depreciation to determine the value of the swap. The Funds will typically enter into equity swap agreements to obtain leverage in order to meet their investment objectives.

Accounting Standards Update No. 2013-01, “Disclosures about Offsetting Assets and Liabilities” (“ASU 2013-01”), requires entities to disclose (i) gross and net information about both instruments and transactions eligible for offset in the financial statements, and (ii) instruments and transactions subject to an agreement similar to a master netting agreement. ASU 2013-01 is limited in scope to recognized derivative instruments accounted for under ASC 815, “Derivatives and Hedging”, to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement of similar agreement.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including swap contracts, and typically contains, among other things, collateral posting terms, netting and rights of set-off provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and receivables to create a single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral requirements generally differ by type of derivative. Collateral terms are contract specific for OTC derivatives (e.g. swaps). Generally, for transactions traded under an ISDA Master Agreement, the collateral requirements are calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to the counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its derivative counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Interest earned on collateral pledged to a counterparty is presented as part of Interest income on the Statements of Operations. Interest incurred on collateral received from a counterparty is presented as Interest expense on the Statements of Operations.

For financial reporting purposes, the Funds elect to not offset assets and liabilities subject to an ISDA Master Agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of October 31, 2024, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting/set-off provisions in the ISDA Master Agreement are detailed in the following tables.

In the event of the counterparty’s default, bankruptcy or any other event for which the counterparty cannot meet its obligations, a Fund bears the risk of loss equal to the amount of the daily appreciation owed to the Fund. This obligation represents the daily gain accrued to the Fund from the close of business day prior to this event to the day on which this event occurs and the counterparty can no longer meet its obligations. A Fund will enter into swap agreements only with large, well-capitalized and established financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Adviser. Shareholders may obtain swap counterparty financial statements at www.sec.gov. Swap contracts are subject to credit risk. Credit risk occurs when the financial condition of an issuer of a security or instrument may cause it to default or become unable to pay interest or principal due on the security. The counterparty to a swap contract might default on its obligations. In addition, the Funds have agreements with certain counterparties with which it trades swap contracts that contain credit risk-related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value and performance-based thresholds. The maximum exposure to the Funds in regard to potential counterparty default and credit-risk related contingent features at October 31, 2024 is detailed in the following tables. If such credit risk-related contingencies were triggered, the counterparties would have the option to terminate any positions open under the master netting agreement.

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October 31, 2024(Continued)

Description: Swap Contract

Counterparty: Bank of America Merrill Lynch

			Assets:												Liabilities:
						Gross Amounts not Offset in the Statement of Asset and Liabilities												Gross Amounts not Offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily AAPL Bear 1X Shares			$—			$—			$—			$—			$69,687			$—			$69,6871			$—
Direxion Daily AMZN Bear 1X Shares			—			—			—			—			6,815			—			6,8151			—
Direxion Daily AVGO Bear 1X Shares			20,333			—			—			20,333			—			—			—			—
Direxion Daily GOOGL Bear 1X Shares			—			—			—			—			57,260			—			57,2601			—
Direxion Daily META Bear 1X Shares			—			—			—			—			134,230			—			134,2301			—
Direxion Daily MSFT Bear 1X Shares			56,756			—			—			56,756			—			—			—			—
Direxion Daily MU Bear 1X Shares			12,415			—			—			12,415			—			—			—			—
Direxion Daily NFLX Bear 1X Shares			—			—			—			—			13,739			—			13,7391			—
Direxion Daily NVDA Bear 1X Shares			—			—			—			—			936,788			—			936,7881			—
Direxion Daily TSLA Bear 1X Shares			125,436			—			—			125,436			—			—			—			—
Direxion Daily TSM Bear 1X Shares			—			—			—			—			47,950			—			47,9501			—
Direxion Daily Crypto Industry Bear 1X Shares			2,266			—			—			2,266			—			—			—			—
Direxion Daily AAPL Bull 2X Shares			280,067			—			280,0671						—			—			—			—
Direxion Daily AMZN Bull 2X Shares			—			—			—			—			1,654,285			—			1,654,2851			—
Direxion Daily AVGO Bull 2X Shares			—			—			—			—			121,282			—			121,2821			—
Direxion Daily GOOGL Bull 2X Shares			504,087			—			504,0871						—			—			—			—
Direxion Daily META Bull 2X Shares			420,107			—			420,1071						—			—			—			—
Direxion Daily MSFT Bull 2X Shares			—			—			—			—			622,032			—			622,0321			—
Direxion Daily MU Bull 2X Shares			—			—			—			—			125,667			—			125,6671			—
Direxion Daily NFLX Bull 2X Shares			114,550			—			114,5501						—			—			—			—
Direxion Daily NVDA Bull 2X Shares			53,544,941			—			53,544,9411						—			—			—			—
Direxion Daily TSLA Bull 2X Shares			—			—			—			—			619,817			—			619,8171			—
Direxion Daily TSM Bull 2X Shares			—			—			—			—			468,067			—			468,0671			—

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October 31, 2024(Continued)

			Assets:												Liabilities:
						Gross Amounts not Offset in the Statement of Asset and Liabilities												Gross Amounts not Offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily CSI China Internet Index Bull 2X Shares			$19,905,782			$—			$19,905,7821			$—			$—			$—			$—			$—
Direxion Daily MSCI India Bull 2X Shares			—			—			—			—			4,827			—			4,8271			—
Direxion Daily Cloud Computing Bull 2X Shares			—			—			—			—			237			—			2371			—
Direxion Daily Crypto Industry Bull 2X Shares			114,566			—			110,000			4,566			—			—			—			—
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			2,992			—			—			2,992			—			—			—			—
Direxion Daily Gold Miners Index Bull 2X Shares			36,651,743			—			36,651,7431						—			—			—			—
Direxion Daily Gold Miners Index Bear 2X Shares			—			—			—			—			5,982,029			—			5,982,0291			—
Direxion Daily Magnificent 7 Bull 2X Shares			—			—			—			—			387,117			—			387,1171			—
Direxion Daily NYSE FANG+ Bull 2X Shares			1,063,577			—			1,063,5771						—			—			—			—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			—			—			—			—			639,124			—			639,1241			—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			619,875			—			560,000			59,875			—			—			—			—
Direxion Daily Travel & Vacation Bull 2X Shares			101,950			—			101,9501						—			—			—			—
Direxion Daily Uranium Industry Bull 2X Shares			88,447			—			88,4471						—			—			—			—

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

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October 31, 2024(Continued)

Description: Swap Contract

Counterparty: BNP Paribas

			Assets:												Liabilities:
						Gross Amounts not Offset in the Statement of Asset and Liabilities												Gross Amounts not Offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily AAPL Bear 1X Shares			$8,253			$—			$—			$8,253			$—			$—			$—			$—
Direxion Daily NVDA Bear 1X Shares			283,058			—			—			283,058			—			—			—			—
Direxion Daily TSLA Bear 1X Shares			67,049			—			—			67,049			—			—			—			—
Direxion Daily TSM Bear 1X Shares			—			—			—			—			31,009			—			31,0091			—
Direxion Daily AAPL Bull 2X Shares			—			—			—			—			195,592			—			195,5921			—
Direxion Daily NVDA Bull 2X Shares			4,968,540			—			4,968,5401			—			—			—			—			—
Direxion Daily TSLA Bull 2X Shares			21,499,320			—			21,499,3201			—			—			—			—			—
Direxion Daily TSM Bull 2X Shares			—			—			—			—			172,224			—			172,2241			—
Direxion Daily CSI China Internet Index Bull 2X Shares			—			—			—			—			5,188,815			—			5,188,8151			—
Direxion Daily MSCI Brazil Bull 2X Shares			—			—			—			—			86,094			—			86,0941			—
Direxion Daily Energy Bull 2X Shares			1,805,145			—			1,410,000			395,145			—			—			—			—
Direxion Daily Energy Bear 2X Shares			502,717			—			502,7171			—			—			—			—			—
Direxion Daily Gold Miners Index Bull 2X Shares			6,021,275			—			6,021,2751			—			—			—			—			—
Direxion Daily Gold Miners Index Bear 2X Shares			1,206,914			—			740,000			466,914			—			—			—			—
Direxion Daily Junior Gold Miners Index Bull 2X Shares			43,709,845			—			43,709,8451			—			—			—			—			—
Direxion Daily Junior Gold Miners Index Bear 2X Shares			—			—			—			—			1,871,482			—			1,871,4821			—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			—			—			—			—			3,454,394			—			3,454,3941			—
Direxion Daily Uranium Industry Bull 2X Shares			—			—			—			—			15,091			—			15,0911			—

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

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October 31, 2024(Continued)

Description: Swap Contract

Counterparty: Barclays

			Assets:												Liabilities:
						Gross Amounts not Offset in the Statement of Asset and Liabilities												Gross Amounts not Offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily S&P 500® Bear 1X Shares			$756,589			$—			$—			$756,589			$—			$—			$—			$—
Direxion Daily AAPL Bear 1X Shares			10,777			—			—			10,777			—			—			—			—
Direxion Daily AVGO Bear 1X Shares			91,480			—			—			91,480			—			—			—			—
Direxion Daily META Bear 1X Shares			—			—			—			—			119,906			—			119,9061			—
Direxion Daily MU Bear 1X Shares			42,526			—			—			42,526			—			—			—			—
Direxion Daily NFLX Bear 1X Shares			—			—			—			—			11,760			—			11,7601			—
Direxion Daily NVDA Bear 1X Shares			—			—			—			—			236,845			—			236,8451			—
Direxion Daily Crypto Industry Bear 1X Shares			147,093			—			100,000			47,093			—			—			—			—
Direxion Daily Magnificent 7 Bear 1X Shares			—			—			—			—			83,537			—			83,5371			—
Direxion Daily AAPL Bull 2X Shares			—			—			—			—			30,466			—			30,4661			—
Direxion Daily AVGO Bull 2X Shares			—			—			—			—			115,639			—			115,6391			—
Direxion Daily GOOGL Bull 2X Shares			2,520,817			—			2,520,8171			—			—			—			—			—
Direxion Daily META Bull 2X Shares			2,202,386			—			2,202,3861			—			—			—			—			—
Direxion Daily MSFT Bull 2X Shares			—			—			—			—			4,772,482			—			4,772,4821			—
Direxion Daily MU Bull 2X Shares			—			—			—			—			151,049			—			151,0491			—
Direxion Daily NFLX Bull 2X Shares			44,145			—			—			44,145			—			—			—			—
Direxion Daily NVDA Bull 2X Shares			66,380,819			—			66,380,8191			—			—			—			—			—
Direxion Daily TSLA Bull 2X Shares			122,343,557			—			122,343,5571			—			—			—			—			—
Direxion Daily CSI 300 China A Share Bull 2X Shares			—			—			—			—			19,552,584			—			19,552,5841			—
Direxion Daily MSCI Brazil Bull 2X Shares			—			—			—			—			5,943			—			5,9431			—
Direxion Daily MSCI India Bull 2X Shares			3,574,439			—			3,574,4391			—			—			—			—			—
Direxion Daily AI and Big Data Bull 2X Shares			98,717			—			98,7171			—			—			—			—			—
Direxion Daily Crypto Industry Bull 2X Shares			—			—			—			—			145,448			—			145,4481			—
Direxion Daily Energy Bull 2X Shares			5,702,177			—			4,140,000			1,562,177			—			—			—			—

142

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Assets:												Liabilities:
						Gross Amounts not Offset in the Statement of Asset and Liabilities												Gross Amounts not Offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily Energy Bear 2X Shares			$—			$—			$—			$—			$76,213			$—			$76,2131			$—
Direxion Daily Magnificent 7 Bull 2X Shares			352			—			—			352			—			—			—			—
Direxion Daily NYSE FANG+ Bull 2X Shares			5,224,711			—			5,224,7111			—			—			—			—			—
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			11,986			—			—			11,986			—			—			—			—

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: Citibank N.A.

			Assets:												Liabilities:
						Gross Amounts not Offset in the Statement of Asset and Liabilities												Gross Amounts not Offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily AAPL Bear 1X Shares			$  43,873			$—			$—			$  43,873			$—			$—			$—			$—
Direxion Daily AMZN Bear 1X Shares			17,411			—			—			17,411			—			—			—			—
Direxion Daily AVGO Bear 1X Shares			47,229			—			—			47,229			—			—			—			—
Direxion Daily GOOGL Bear 1X Shares			—			—			—			—			117,066			—			117,0661			—
Direxion Daily META Bear 1X Shares			50,558			—			—			50,558			—			—			—			—
Direxion Daily MSFT Bear 1X Shares			365,317			—			205,000			160,317			—			—			—			—
Direxion Daily MU Bear 1X Shares			12,244			—			—			12,244			—			—			—			—
Direxion Daily NFLX Bear 1X Shares			—			—			—			—			33,327			—			33,3271			—
Direxion Daily NVDA Bear 1X Shares			12,020			—			—			12,020			—			—			—			—
Direxion Daily TSLA Bear 1X Shares			—			—			—			—			408,620			—			408,6201			—
Direxion Daily TSM Bear 1X Shares			—			—			—			—			12,187			—			—			12,187
Direxion Daily AAPL Bull 2X Shares			2,390,679			—			2,390,6791			—			—			—			—			—

143

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Assets:												Liabilities:
						Gross Amounts not Offset in the Statement of Asset and Liabilities												Gross Amounts not Offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily AMZN Bull 2X Shares			$—			$—			$—			$—			$1,940,130			$—			$1,940,1301			$—
Direxion Daily AVGO Bull 2X Shares			—			—			—			—			148,350			—			148,3501			—
Direxion Daily GOOGL Bull 2X Shares			6,329,254			—			6,329,2541			—			—			—			—			—
Direxion Daily META Bull 2X Shares			—			—			—			—			1,036,905			—			1,036,9051			—
Direxion Daily MSFT Bull 2X Shares			—			—			—			—			3,566,538			—			3,566,5381			—
Direxion Daily MU Bull 2X Shares			—			—			—			—			126,665			—			126,6651			—
Direxion Daily NFLX Bull 2X Shares			103,841			—			—			103,841			—			—			—			—
Direxion Daily NVDA Bull 2X Shares			116,001			—			1			116,000			—			—			—			—
Direxion Daily TSLA Bull 2X Shares			133,048,606			—			133,048,6061			—			—			—			—			—
Direxion Daily TSM Bull 2X Shares			—			—			—			—			59,886			—			59,8861			—
Direxion Daily CSI 300 China A Share Bull 2X Shares			—			—			—			—			7,180,258			—			7,180,2581			—
Direxion Daily CSI China Internet Index Bull 2X Shares			—			—			—			—			9,286,438			—			9,286,4381			—
Direxion Daily S&P 500® Bull 2X Shares			3,270,330			—			3,270,3301			—			—			—			—			—
Direxion Daily MSCI India Bull 2X Shares			2,919,064			—			2,919,0641			—			—			—			—			—
Direxion Daily Cloud Computing Bull 2X Shares			252,042			—			251,001			1,041			—			—			—			—
Direxion Daily Gold Miners Index Bull 2X Shares			29,950,819			—			29,950,8191			—			—			—			—			—
Direxion Daily Gold Miners Index Bear 2X Shares			—			—			—			—			1,607,641			—			1,607,6411			—
Direxion Daily Junior Gold Miners Index Bull 2X Shares			2,230,372			—			2,230,3721			—			—			—			—			—
Direxion Daily Junior Gold Miners Index Bear 2X Shares			933,735			—			1			933,734			—			—			—			—
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			1,631,658			—			1,631,6581			—			—			—			—			—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			—			—			—			—			8,462,900			—			8,462,9001			—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			2,793,489			—			2,793,4891			—			—			—			—			—

144

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: Goldman Sachs

			Assets:												Liabilities:
						Gross Amounts not Offset in the Statement of Asset and Liabilities												Gross Amounts not Offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily AAPL Bear 1X Shares			$—			$—			$—			$—			$115,066			$—			$115,0661			$—
Direxion Daily AMZN Bear 1X Shares			15			—			—			15			—			—			—			—
Direxion Daily AVGO Bear 1X Shares			45,645			—			—			45,645			—			—			—			—
Direxion Daily GOOGL Bear 1X Shares			98,946			—			98,9461			—			—			—			—			—
Direxion Daily MSFT Bear 1X Shares			81,320			—			—			81,320			—			—			—			—
Direxion Daily MU Bear 1X Shares			12,927			—			—			12,927			—			—			—			—
Direxion Daily NFLX Bear 1X Shares			—			—			—			—			52,127			—			52,1271			—
Direxion Daily NVDA Bear 1X Shares			—			—			—			—			131,922			—			131,9221			—
Direxion Daily TSLA Bear 1X Shares			90,497			—			—			90,497			—			—			—			—
Direxion Daily TSM Bear 1X Shares			97,816			—			—			97,816			—			—			—			—
Direxion Daily Magnificent 7 Bear 1X Shares			—			—			—			—			17,674			—			17,6741			—
Direxion Daily AAPL Bull 2X Shares			4,079,176			—			4,079,1761			—			—			—			—			—
Direxion Daily AMZN Bull 2X Shares			61			—			611			—			—			—			—			—
Direxion Daily AVGO Bull 2X Shares			—			—			—			—			109,134			—			109,1341			—
Direxion Daily META Bull 2X Shares			2,147,665			—			2,147,6651			—			—			—			—			—
Direxion Daily MSFT Bull 2X Shares			—			—			—			—			1,577,915			—			1,577,9151			—
Direxion Daily MU Bull 2X Shares			—			—			—			—			126,332			—			126,3321			—
Direxion Daily NFLX Bull 2X Shares			121,741			—			—			121,741			—			—			—			—
Direxion Daily NVDA Bull 2X Shares			2,509			—			—			2,509			—			—			—			—
Direxion Daily TSLA Bull 2X Shares			112,439,535			—			112,439,5351			—			—			—			—			—
Direxion Daily TSM Bull 2X Shares			—			—			—			—			43,309			—			43,3091			—
Direxion Daily CSI 300 China A Share Bull 2X Shares			—			—			—			—			17,576,865			—			17,576,8651			—

145

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Assets:												Liabilities:
						Gross Amounts not Offset in the Statement of Asset and Liabilities												Gross Amounts not Offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily CSI China Internet Index Bull 2X Shares			$18,981,205			$—			$18,981,2051			$—			$—			$—			$—			$—
Direxion Daily S&P 500® Bull 2X Shares			9,765,813			—			9,765,8131			—			—			—			—			—
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			—			—			—			—			95,619			—			95,6191			—
Direxion Daily AI and Big Data Bull 2X Shares			403,456			—			403,4561			—			—			—			—			—
Direxion Daily AI and Big Data Bear 2X Shares			—			—			—			—			44,475			—			44,4751			—
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			—			—			—			—			8,243			—			8,2431			—
Direxion Daily Gold Miners Index Bull 2X Shares			22,939,880			—			22,939,8801			—			—			—			—			—
Direxion Daily Magnificent 7 Bull 2X Shares			1,012,976			—			1,012,9761			—			—			—			—			—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			—			—			—			—			1,878,724			—			1,878,7241			—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			1,884,485			—			1,660,000			224,485			—			—			—			—
Direxion Daily Uranium Industry Bull 2X Shares			481,878			—			481,8781			—			—			—			—			—

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: J.P. Morgan

			Assets:												Liabilities:
						Gross Amounts not Offset in the Statement of Asset and Liabilities												Gross Amounts not Offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily CSI 300 China A Share Bull 2X Shares			$3,206,563			$—			$3,206,5631			$—			$—			$—			$—			$—
Direxion Daily MSCI Brazil Bull 2X Shares			—			—			—			—			11,095,060			—			11,095,0601			—
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			—			—			—			—			64,990			—			64,9901			—
Direxion Daily AI and Big Data Bear 2X Shares			—			—			—			—			99,587			—			99,5871			—

146

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Assets:												Liabilities:
						Gross Amounts not Offset in the Statement of Asset and Liabilities												Gross Amounts not Offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			$206,697			$—			$206,6971			$—			$—			$—			$—			$—
Direxion Daily Energy Bull 2X Shares			2,518,071			—			2,060,000			458,071			—			—			—			—
Direxion Daily Energy Bear 2X Shares			1,350,701			—			1,350,7011			—			—			—			—			—
Direxion Daily Gold Miners Index Bull 2X Shares			41,967,461			—			41,967,4611			—			—			—			—			—
Direxion Daily Gold Miners Index Bear 2X Shares			—			—			—			—			1,880,703			—			1,880,7031			—
Direxion Daily Junior Gold Miners Index Bull 2X Shares			27,313,999			—			27,313,9991			—			—			—			—			—
Direxion Daily Junior Gold Miners Index Bear 2X Shares			—			—			—			—			5,280,671			—			5,280,6711			—
Direxion Daily NYSE FANG+ Bull 2X Shares			203,997			—			203,9971			—			—			—			—			—
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			87,616			—			87,6161			—			—			—			—			—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			—			—			—			—			724,819			—			724,8191			—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			90,833			—			—			90,833			—			—			—			—
Direxion Daily Travel & Vacation Bull 2X Shares			693,437			—			693,4371			—			—			—			—			—

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: Nomura

			Assets:												Liabilities:
						Gross Amounts not Offset in the Statement of Asset and Liabilities												Gross Amounts not Offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily GOOGL Bull 2X Shares			$4,196,390			$—			$4,196,3901			$—			$—			$—			$—			$—
Direxion Daily NVDA Bull 2X Shares			—			—			—			—			15,676,381			—			15,676,3811			—

147

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Assets:												Liabilities:
						Gross Amounts not Offset in the Statement of Asset and Liabilities												Gross Amounts not Offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily TSLA Bull 2X Shares			$30,150,636			$—			$30,150,6361			$—			$—			$—			$—			$—
Direxion Daily Energy Bear 2X Shares			4			—			—			4			—			—			—			—

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: UBS Securities LLC

			Assets:												Liabilities:
						Gross Amounts not Offset in the Statement of Asset and Liabilities												Gross Amounts not Offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily S&P 500® Bear 1X Shares			$—			$—			$—			$—			$8,551,167			$—			$8,551,1671			$—
Direxion Daily CSI 300 China A Share Bull 2X Shares			—			—			—			—			7,586,233			—			​7,586,2331			—
Direxion Daily CSI China Internet Index Bull 2X Shares			20,310,585			—			20,310,5851			—			—			—			—			—
Direxion Daily S&P 500® Bull 2X Shares			7,719,275			—			7,719,2751			—			—			—			—			—
Direxion Daily MSCI Brazil Bull 2X Shares			—			—			—			—			27,376			—			27,3761			—
Direxion Daily MSCI India Bull 2X Shares			3,032,987			—			3,032,9871			—			—			—			—			—
Direxion Daily Energy Bull 2X Shares			917,253			—			230,000			687,253			—			—			—			—
Direxion Daily Energy Bear 2X Shares			447,420			—			447,4201			—			—			—			—			—
Direxion Daily Gold Miners Index Bull 2X Shares			41,972,244			—			41,972,2441			—			—			—			—			—
Direxion Daily Gold Miners Index Bear 2X Shares			—			—			—			—			3,001,380			—			3,001,3801			—
Direxion Daily Junior Gold Miners Index Bull 2X Shares			52,244,200			—			52,244,2001			—			—			—			—			—
Direxion Daily Junior Gold Miners Index Bear 2X Shares			—			—			—			—			5,847,138			—			5,847,1381			—
Direxion Daily NYSE FANG+ Bull 2X Shares			5,762,783			—			5,762,7831			—			—			—			—			—

148

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Assets:												Liabilities:
						Gross Amounts not Offset in the Statement of Asset and Liabilities												Gross Amounts not Offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			$974,472			$—			$974,4721			$—			$—			$—			$—			$—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			—			—			—			—			4,638,071			—			4,638,0711			—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			3,765,871			—			3,620,000			145,871			—			—			—			—

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

c) Futures Contracts – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against, changes in the values of commodities, equities, interest rates or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts.

d) Risks of Futures Contracts, Options on Futures Contracts and Short Positions – The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions. The Funds were not invested in any type of futures or options contracts during the period ended October 31, 2024.

e) Risks of Investing in Foreign Securities – Investments in foreign securities involve greater risks than investing in domestic securities. As a result, the Funds’ returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The laws, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy’s dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.

f) Security Transactions – Investment transactions are recorded on the trade date. The Funds determine the gain or loss realized from investment transactions by comparing the identified cost, which is the same basis used for U.S. Federal income tax purposes, with the net sales proceeds.

149

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

g) Securities Lending – Each Fund may lend up to 33¹∕3% of the value of the securities in their portfolios to approved brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, cash equivalents, or securities issued or guaranteed by the U.S. government. The collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. Government securities held as collateral, net of fee rebates paid to borrower and net of fees paid to the lending agent. The amount of fees depends on a number of factors including the security type and the length of the loan. In addition, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. No more than 99% of the value of any security may be on loan at any time.

As of October 31, 2024, all securities on loan were collateralized by cash and/or U.S. government obligations. The cash received as collateral for securities on loan was invested in money market funds, whose maturities are overnight and continuous, and is disclosed in the Schedules of Investments. The securities on loan in each Fund are also disclosed in the Schedule of Investments. The total value of securities loaned and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Non-cash collateral consists of U.S. Treasury securities and is not disclosed on the Statements of Assets and Liabilities as its held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell, reinvest or pledge those securities. Income earned by the Funds from securities lending is disclosed in the Statements of Operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds are contractually indemnified with the securities lending agent. Furthermore, the Funds require the value of the securities loaned to be computed daily at the close of the market and additional collateral be furnished, if required.

As of October 31, 2024, the market value of the securities loaned and the related cash and non-cash collateral received for securities lending were as follows:

Funds			Market Value of Securities Loaned			Cash Collateral Received			Non-Cash Collateral Received			Total Collateral Received
Direxion Daily S&P 500® Bull 2X Shares			$87,161			$—			$89,078			$89,078
Direxion Daily MSCI Brazil Bull 2X Shares			140,900			143,756			—			143,756
Direxion Daily AI and Big Data Bull 2X Shares			​415			424			—			424
Direxion Daily Cloud Computing Bull 2X Shares			189,220			1,563			191,464			193,027
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			687,666			712,789			302,120			1,014,909
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			4,563,468			665,527			4,012,769			4,678,296
Direxion Daily Travel & Vacation Bull 2X Shares			16,364			11,525			5,192			16,717

h) Federal Income Taxes – Each Fund intends to make the requisite distributions of income and capital gains to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company. Therefore, no provision for U.S. Federal income tax has been made by the Funds.

The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. Certain Funds paid this excise tax during the period ended October 31, 2024, which is disclosed on the Statements of Operations.

i) Income and Expenses – Interest income, including amortization of premiums and discounts, is recognized on an accrual basis. Distributions are recorded on the ex-dividend date.

The Funds are charged for those expenses that are directly attributable to each series, such as advisory fees and registration costs. Expenses that are not directly attributable to a series are generally allocated among the Trust’s series in proportion to their respective average daily net assets.

150

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

j) Distributions to Shareholders – Each Fund pays dividends from net investment income and distributes net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with U.S. Federal income tax regulations, which may differ from GAAP. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Distributions to shareholders are recorded on the ex-dividend date.

k) Guarantees and Indemnifications – In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnification provisions pursuant to which the Funds agree to indemnify third parties upon the occurrence of specified events. The Funds’ maximum exposure relating to these indemnification agreements is unknown. However, the Funds have not had prior claims or losses in connection with these provisions and believe the risk of loss is remote.  

l) Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 

3. INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the periods ended October 31, 2024, and October 31, 2023, are presented in the following table. The tax character of distributions to shareholders made during the period may differ from their ultimate characterization for U.S. Federal income tax purposes.

			Year/Period Ended October 31, 2024									Year/Period Ended October 31, 2023
			Distributions Paid From:									Distributions Paid From:
Funds			Ordinary Income			Long Term Capital Gains			Return of Capital			Ordinary Income			Long Term Capital Gains			Return of Capital
Direxion Daily S&P 500® Bear 1X Shares			$9,127,533			$   —			$  —			$17,439,074			$   —			$  —
Direxion Daily AAPL Bear 1X Shares			1,242,145			—			—			873,961			—			—
Direxion Daily AMZN Bear 1X Shares			146,986			—			—			385,096			—			—
Direxion Daily AVGO Bear 1X Shares8			—			—			—			—			—			—
Direxion Daily GOOGL Bear 1X Shares			135,857			—			—			159,519			—			—
Direxion Daily META Bear 1X Shares4			47,542			—			—			—			—			—
Direxion Daily MSFT Bear 1X Shares			301,555			—			—			241,897			—			—
Direxion Daily MU Bear 1X Shares8			—			—			—			—			—			—
Direxion Daily NFLX Bear 1X Shares7			—			—			—			—			—			—
Direxion Daily NVDA Bear 1X Shares			598,186			—			—			—			—			—
Direxion Daily TSLA Bear 1X Shares			1,764,224			—			—			2,234,426			—			—
Direxion Daily TSM Bear 1X Shares7			—			—			—			—			—			—
Direxion Daily Crypto Industry Bear 1X Shares6			30,915			—			—			—			—			—

151

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Year/Period Ended October 31, 2024									Year/Period Ended October 31, 2023
			Distributions Paid From:									Distributions Paid From:
Funds			Ordinary Income			Long Term Capital Gains			Return of Capital			Ordinary Income			Long Term Capital Gains			Return of Capital
Direxion Daily Magnificent 7 Bear 1X Shares2			$114,657			$   —			$  —			$—			$   —			$  —
Direxion Daily AAPL Bull 2X Shares			2,167,326			—			—			533,661			—			—
Direxion Daily AMZN Bull 2X Shares			3,785,145			—			—			617,613			—			—
Direxion Daily AVGO Bull 2X Shares8			—			—			—			—			—			—
Direxion Daily GOOGL Bull 2X Shares			2,250,138			—			—			394,589			—			—
Direxion Daily META Bull 2X Shares4			169,399			—			—			—			—			—
Direxion Daily MSFT Bull 2X Shares			2,525,389			—			—			503,522			—			—
Direxion Daily MU Bull 2X Shares8			—			—			—			—			—			—
Direxion Daily NFLX Bull 2X Shares7			—			—			—			—			—			—
Direxion Daily NVDA Bull 2X Shares			5,595,151			—			—			—			—			—
Direxion Daily TSLA Bull 2X Shares			60,392,155			—			—			13,969,260			—			—
Direxion Daily TSM Bull 2X Shares7			—			—			—			—			—			—
Direxion Daily CSI 300 China A Share Bull 2X Shares			1,878,464			—			—			1,285,927			—			—
Direxion Daily CSI China Internet Index Bull 2X Shares			8,794,646			—			—			3,836,004			—			—
Direxion Daily S&P 500® Bull 2X Shares			1,780,102			—			—			1,833,932			—			—
Direxion Daily MSCI Brazil Bull 2X Shares			5,457,553			—			—			6,143,456			—			—
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares1			41,007			—			—			—			—			—
Direxion Daily MSCI India Bull 2X Shares			1,166,696			—			—			891,341			—			—
Direxion Daily AI and Big Data Bull 2X Shares3			9,347			—			—			—			—			—
Direxion Daily AI and Big Data Bear 2X Shares3			44,131			—			—			—			—			—
Direxion Daily Cloud Computing Bull 2X Shares			—			—			—			—			—			—
Direxion Daily Crypto Industry Bull 2X Shares6			6,824			—			—			—			—			—
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			125,751			—			—			123,822			—			—
Direxion Daily Energy Bull 2X Shares			9,671,962			—			—			12,229,872			—			—

152

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Year/Period Ended October 31, 2024									Year/Period Ended October 31, 2023
			Distributions Paid From:									Distributions Paid From:
Funds			Ordinary Income			Long Term Capital Gains			Return of Capital			Ordinary Income			Long Term Capital Gains			Return of Capital
Direxion Daily Energy Bear 2X Shares			$946,237			$   —			$  —			$1,074,176			$   —			$  —
Direxion Daily Gold Miners Index Bull 2X Shares			11,225,003			—			—			6,901,670			—			—
Direxion Daily Gold Miners Index Bear 2X Shares			4,583,846			—			—			3,486,238			—			—
Direxion Daily Junior Gold Miners Index Bull 2X Shares			6,942,012			—			—			3,912,708			—			—
Direxion Daily Junior Gold Miners Index Bear 2X Shares			3,343,314			—			—			3,131,146			—			—
Direxion Daily Magnificent 7 Bull 2X Shares2			61,989			—			—			—			—			—
Direxion Daily NYSE FANG+ Bull 2X Shares			642,916			—			—			131,002			—			—
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			442,110			—			—			120,251			—			—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			11,417,514			—			—			14,878,134			—			—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			2,496,925			—			—			2,468,778			—			—
Direxion Daily Travel & Vacation Bull 2X Shares			168,744			—			8,988			76,810			—			—
Direxion Daily Uranium Industry Bull 2X Shares5			16,866			—			—			—			—			—

1
Commenced operations on February 7, 2024.

2
Commenced operations on March 7, 2024.

3
Commenced operations on May 15, 2024.

4
Commenced operations on June 5, 2024.

5
Commenced operations on June 26, 2024.

6
Commenced operations on July 17, 2024.

7
Commenced operations on October 3, 2024.

8
Commenced operations on October 10, 2024

At October 31, 2024, the components of accumulated earnings/(losses) on a tax-basis were as follows:

Funds			Net Unrealized Appreciation (Depreciation)			Undistributed Ordinary Income			Undistributed Capital Gain			Other Accumulated Earnings (Losses)1			Total Accumulated Earnings (Losses)
Direxion Daily S&P 500® Bear 1X Shares			$(45,049,061)			$757,251			$   —			$(161,591,710)			$(205,883,520)
Direxion Daily AAPL Bear 1X Shares			(5,734,393)			109,128			—			(5,967,091)			(11,592,356)
Direxion Daily AMZN Bear 1X Shares			(440,836)			15,880			—			(2,665,117)			(3,090,073)
Direxion Daily AVGO Bear 1X Shares			204,023			27,698			—			—			231,721

153

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Funds			Net Unrealized Appreciation (Depreciation)			Undistributed Ordinary Income			Undistributed Capital Gain			Other Accumulated Earnings (Losses)1			Total Accumulated Earnings (Losses)
Direxion Daily GOOGL Bear 1X Shares			$(677,134)			$17,247			$   —			$(2,206,572)			$(2,866,459)
Direxion Daily META Bear 1X Shares			(321,263)			22,577			—			(179,203)			(477,889)
Direxion Daily MSFT Bear 1X Shares			(697,144)			26,659			—			(3,216,120)			(3,886,605)
Direxion Daily MU Bear 1X Shares			34,023			5,634			—			(5,097)			34,560
Direxion Daily NFLX Bear 1X Shares			(184,093)			13,644			—			(1,565)			(172,014)
Direxion Daily NVDA Bear 1X Shares			(8,141,329)			108,252			—			(3,648,745)			(11,681,822)
Direxion Daily TSLA Bear 1X Shares			(16,888,238)			183,293			—			(13,411,807)			(30,116,752)
Direxion Daily TSM Bear 1X Shares			(107,698)			9,122			—			(25,798)			(124,374)
Direxion Daily Crypto Industry Bear 1X Shares			136,980			9,559			—			(37,863)			108,676
Direxion Daily Magnificent 7 Bear 1X Shares			(295,173)			4,085			—			(519,833)			(810,921)
Direxion Daily AAPL Bull 2X Shares			8,519,328			11,049,829			—			(1,140)			19,568,017
Direxion Daily AMZN Bull 2X Shares			(8,095,249)			3,241,836			—			(1,146)			(4,854,559)
Direxion Daily AVGO Bull 2X Shares			(626,424)			6,210			—			(1,429)			(621,643)
Direxion Daily GOOGL Bull 2X Shares			9,793,823			1,919,345			—			(1,146)			11,712,022
Direxion Daily META Bull 2X Shares			2,336,099			104,820			—			(146,935)			2,293,984
Direxion Daily MSFT Bull 2X Shares			(13,547,660)			4,511,772			—			(1,146)			(9,037,034)
Direxion Daily MU Bull 2X Shares			(647,145)			8,723			—			(1,511)			(639,933)
Direxion Daily NFLX Bull 2X Shares			363,545			30,697			—			(1,565)			392,677
Direxion Daily NVDA Bull 2X Shares			109,782,110			85,326,253			—			(14,935)			195,093,428
Direxion Daily TSLA Bull 2X Shares			96,605,233			53,327,894			—			(1,139)			149,931,988
Direxion Daily TSM Bull 2X Shares			(1,000,194)			27,302			—			—			(972,892)
Direxion Daily CSI 300 China A Share Bull 2X Shares			(178,025,450)			429,034			—			(35,990,651)			(213,587,067)
Direxion Daily CSI China Internet Index Bull 2X Shares			(105,243,181)			574,926			—			(337,390,046)			(442,058,301)
Direxion Daily S&P 500® Bull 2X Shares			​36,686,440			18,548			—			​—			36,704,988
Direxion Daily MSCI Brazil Bull 2X Shares			(34,588,621)			206,087			—			(441,923,096)			(476,305,630)

154

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Funds			Net Unrealized Appreciation (Depreciation)			Undistributed Ordinary Income			Undistributed Capital Gain			Other Accumulated Earnings (Losses)1			Total Accumulated Earnings (Losses)
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			$(161,972)			$278,352			$   —			$(2,987)			$113,393
Direxion Daily MSCI India Bull 2X Shares			​12,192,126			1,137,696			—			​—			13,329,822
Direxion Daily AI and Big Data Bull 2X Shares			881,268			140,089			—			(3,046)			1,018,311
Direxion Daily AI and Big Data Bear 2X Shares			(599,343)			8,683			—			(134,297)			(724,957)
Direxion Daily Cloud Computing Bull 2X Shares			(1,166,808)			—			—			(11,813,106)			(12,979,914)
Direxion Daily Crypto Industry Bull 2X Shares			(220,091)			3,495			—			(43,090)			(259,686)
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			(5,381,517)			22,125			—			(5,242,512)			(10,601,904)
Direxion Daily Energy Bull 2X Shares			(13,565,158)			297,380			—			(13,370,237)			(26,638,015)
Direxion Daily Energy Bear 2X Shares			(1,316,876)			79,872			—			(197,777,032)			(199,014,036)
Direxion Daily Gold Miners Index Bull 2X Shares			121,484,940			304,103			—			(1,812,674,433)			(1,690,885,390)
Direxion Daily Gold Miners Index Bear 2X Shares			(64,197,532)			513,630			—			(657,658,408)			(721,342,310)
Direxion Daily Junior Gold Miners Index Bull 2X Shares			29,719,786			230,571			—			(1,502,394,353)			(1,472,443,996)
Direxion Daily Junior Gold Miners Index Bear 2X Shares			(47,359,822)			318,842			—			(249,706,772)			(296,747,752)
Direxion Daily Magnificent 7 Bull 2X Shares			​1,026,183			923,385			—			​—			1,949,568
Direxion Daily NYSE FANG+ Bull 2X Shares			10,810,663			​60,131			—			​(782,201)			10,088,593
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			1,303,215			42,317			—			(16,730,403)			(15,384,871)
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			(80,243,683)			614,259			—			(34,559,527)			(114,188,951)
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			(3,822,778)			125,503			—			(227,933,708)			(231,630,983)
Direxion Daily Travel & Vacation Bull 2X Shares			(336,727)			—			—			(15,910,173)			(16,246,900)
Direxion Daily Uranium Industry Bull 2X Shares			232,640			193,808			—			(2,821)			423,627

1
Other Accumulated Earnings (Losses) consist of capital loss carryover and organizational costs.

155

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

At October 31, 2024, the aggregate gross unrealized appreciation and depreciation of investments for U.S. Federal income tax purposes were as follows:

Funds			Tax Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Direxion Daily S&P 500® Bear 1X Shares			$196,270,109			$756,589			$(45,805,650)			$(45,049,061)
Direxion Daily AAPL Bear 1X Shares			31,145,427			62,903			(5,797,296)			(5,734,393)
Direxion Daily AMZN Bear 1X Shares			4,570,739			17,426			(458,262)			(440,836)
Direxion Daily AVGO Bear 1X Shares			2,504,806			204,687			(664)			204,023
Direxion Daily GOOGL Bear 1X Shares			5,038,483			98,946			(776,080)			(677,134)
Direxion Daily META Bear 1X Shares			​6,494,945			50,558			(371,821)			(321,263)
Direxion Daily MSFT Bear 1X Shares			8,768,104			503,393			(1,200,537)			(697,144)
Direxion Daily MU Bear 1X Shares			2,495,116			80,112			(46,089)			34,023
Direxion Daily NFLX Bear 1X Shares			4,826,130			—			(184,093)			(184,093)
Direxion Daily NVDA Bear 1X Shares			36,866,229			295,078			(8,436,407)			(8,141,329)
Direxion Daily TSLA Bear 1X Shares			73,141,474			282,982			(17,171,220)			(16,888,238)
Direxion Daily TSM Bear 1X Shares			4,092,105			97,816			(205,514)			(107,698)
Direxion Daily Crypto Industry Bear 1X Shares			2,539,526			149,359			(12,379)			136,980
Direxion Daily Magnificent 7 Bear 1X Shares			2,747,199			—			(295,173)			(295,173)
Direxion Daily AAPL Bull 2X Shares			99,288,099			10,453,077			(1,933,749)			8,519,328
Direxion Daily AMZN Bull 2X Shares			172,321,013			1,934,225			(10,029,474)			(8,095,249)
Direxion Daily AVGO Bull 2X Shares			4,758,301			—			(626,424)			(626,424)
Direxion Daily GOOGL Bull 2X Shares			158,264,754			16,414,518			(6,620,695)			9,793,823
Direxion Daily META Bull 2X Shares			57,961,238			5,143,880			(2,807,781)			2,336,099
Direxion Daily MSFT Bull 2X Shares			152,977,003			961,028			(14,508,688)			(13,547,660)
Direxion Daily MU Bull 2X Shares			5,979,710			—			(647,145)			(647,145)
Direxion Daily NFLX Bull 2X Shares			5,303,980			422,422			(58,877)			363,545
Direxion Daily NVDA Bull 2X Shares			716,555,238			147,194,432			(37,412,322)			109,782,110
Direxion Daily TSLA Bull 2X Shares			2,735,617,833			486,223,351			(389,618,118)			96,605,233
Direxion Daily TSM Bull 2X Shares			24,334,303			59,556			(1,059,750)			(1,000,194)
Direxion Daily CSI 300 China A Share Bull 2X Shares			​513,186,596			6,136,325			(184,161,775)			(178,025,450)
Direxion Daily CSI China Internet Index Bull 2X Shares			541,741,573			85,877,250			(191,120,431)			(105,243,181)
Direxion Daily S&P 500® Bull 2X Shares			​139,680,817			​42,392,078			(5,705,638)			​36,686,440
Direxion Daily MSCI Brazil Bull 2X Shares			143,240,905			188,771			(34,777,392)			(34,588,621)
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			3,463,465			86,810			(248,782)			(161,972)
Direxion Daily MSCI India Bull 2X Shares			​93,161,137			​12,772,797			(580,671)			​12,192,126
Direxion Daily AI and Big Data Bull 2X Shares			7,106,095			1,264,614			(383,346)			881,268
Direxion Daily AI and Big Data Bear 2X Shares			3,017,481			—			(599,343)			(599,343)
Direxion Daily Cloud Computing Bull 2X Shares			6,225,336			665,393			(1,832,201)			(1,166,808)
Direxion Daily Crypto Industry Bull 2X Shares			3,009,146			284,343			(504,434)			(220,091)
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			11,614,486			420,081			(5,801,598)			(5,381,517)
Direxion Daily Energy Bull 2X Shares			330,086,978			24,482,497			(38,047,655)			(13,565,158)
Direxion Daily Energy Bear 2X Shares			28,160,252			2,300,838			(3,617,714)			(1,316,876)
Direxion Daily Gold Miners Index Bull 2X Shares			644,337,162			194,960,673			(73,475,733)			121,484,940
Direxion Daily Gold Miners Index Bear 2X Shares			159,263,534			1,206,914			(65,404,446)			(64,197,532)
Direxion Daily Junior Gold Miners Index Bull 2X Shares			433,109,594			133,882,133			(104,162,347)			29,719,786
Direxion Daily Junior Gold Miners Index Bear 2X Shares			104,410,786			​933,735			​(48,293,557)			(47,359,822)
Direxion Daily Magnificent 7 Bull 2X Shares			​19,860,103			​1,732,212			(706,029)			​1,026,183
Direxion Daily NYSE FANG+ Bull 2X Shares			66,695,606			13,386,510			(2,575,847)			10,810,663

156

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Funds			Tax Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			$30,276,848			$3,425,367			$(2,122,152)			$1,303,215
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			430,523,567			7,978,153			(88,221,836)			(80,243,683)
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			52,607,128			9,154,553			(12,977,331)			(3,822,778)
Direxion Daily Travel & Vacation Bull 2X Shares			9,842,597			1,463,779			(1,800,506)			(336,727)
Direxion Daily Uranium Industry Bull 2X Shares			8,632,536			669,356			(436,716)			232,640

The difference between the book cost of investments and the tax cost of investments is primarily attributable to tax deferral of losses on wash sales and basis adjustments on investments in real estate investment trusts and passive foreign investment companies.

On the Statements of Assets and Liabilities, the following adjustments were made for permanent tax differences between accounting for total distributable earnings and capital stock under GAAP and tax reporting:

Funds			Total Distributable Earnings (Loss)			Capital Stock
Direxion Daily S&P 500® Bear 1X Shares			$—			$—
Direxion Daily AAPL Bear 1X Shares			—			—
Direxion Daily AMZN Bear 1X Shares			—			—
Direxion Daily AVGO Bear 1X Shares			—			—
Direxion Daily GOOGL Bear 1X Shares			—			—
Direxion Daily META Bear 1X Shares			—			—
Direxion Daily MSFT Bear 1X Shares			—			—
Direxion Daily MU Bear 1X Shares			—			—
Direxion Daily NFLX Bear 1X Shares			—			—
Direxion Daily NVDA Bear 1X Shares			—			—
Direxion Daily TSLA Bear 1X Shares			—			—
Direxion Daily TSM Bear 1X Shares			—			—
Direxion Daily Crypto Industry Bear 1X Shares			—			—
Direxion Daily Magnificent 7 Bear 1X Shares			—			—
Direxion Daily AAPL Bull 2X Shares			(11,729,894)			11,729,894
Direxion Daily AMZN Bull 2X Shares			(8,475,220)			8,475,220
Direxion Daily AVGO Bull 2X Shares			—			—
Direxion Daily GOOGL Bull 2X Shares			(5,264,188)			5,264,188
Direxion Daily META Bull 2X Shares			(257,825)			257,825
Direxion Daily MSFT Bull 2X Shares			(5,260,106)			5,260,106
Direxion Daily MU Bull 2X Shares			—			—
Direxion Daily NFLX Bull 2X Shares			(7,854)			7,854
Direxion Daily NVDA Bull 2X Shares			(27,468,912)			27,468,912
Direxion Daily TSLA Bull 2X Shares			​(70,389,357)			​70,389,357
Direxion Daily TSM Bull 2X Shares			—			—
Direxion Daily CSI 300 China A Share Bull 2X Shares			3,192,480			(3,192,480)
Direxion Daily CSI China Internet Index Bull 2X Shares			22,389,980			(22,389,980)
Direxion Daily S&P 500® Bull 2X Shares			​(66,698,730)			​66,698,730
Direxion Daily MSCI Brazil Bull 2X Shares			163,956			(163,956)
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			—			—
Direxion Daily MSCI India Bull 2X Shares			(7,756,666)			7,756,666
Direxion Daily AI and Big Data Bull 2X Shares			—			—

157

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Funds			Total Distributable Earnings (Loss)			Capital Stock
Direxion Daily AI and Big Data Bear 2X Shares			$—			$—
Direxion Daily Cloud Computing Bull 2X Shares			​(222,422)			​222,422
Direxion Daily Crypto Industry Bull 2X Shares			—			—
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			1,246,278			(1,246,278)
Direxion Daily Energy Bull 2X Shares			(33,055,624)			33,055,624
Direxion Daily Energy Bear 2X Shares			—			—
Direxion Daily Gold Miners Index Bull 2X Shares			(69,104,663)			69,104,663
Direxion Daily Gold Miners Index Bear 2X Shares			—			—
Direxion Daily Junior Gold Miners Index Bull 2X Shares			(24,245,943)			24,245,943
Direxion Daily Junior Gold Miners Index Bear 2X Shares			—			—
Direxion Daily Magnificent 7 Bull 2X Shares			​(559,007)			​559,007
Direxion Daily NYSE FANG+ Bull 2X Shares			(7,804,660)			7,804,660
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			(1,672,292)			1,672,292
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			​(15,095,117)			​15,095,117
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			—			—
Direxion Daily Travel & Vacation Bull 2X Shares			369,455			(369,455)
Direxion Daily Uranium Industry Bull 2X Shares			—			—
					��

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended October 31, 2024, the permanent differences primarily relate to tax treatment of redemptions in-kind, non-deductible excise tax, net operating losses and the utilization of earnings and profits distributed to shareholders on redemption of shares.

In order to meet certain U.S. excise tax distribution requirements, each Fund is required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, these Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, October 31, 2024.

At October 31, 2024, no Funds deferred, on a tax basis, qualified late year losses.

Under current law, each Fund may carry forward net capital losses indefinitely to use to offset capital gains realized in future years and their character is retained as either short-term and/or long-term.

At October 31, 2024, for U.S. Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains:

Funds			Utilized in Current Year			Unlimited ST			Unlimited LT
Direxion Daily S&P 500® Bear 1X Shares			$—			$(161,591,710)			$—
Direxion Daily AAPL Bear 1X Shares			—			(5,965,958)			—
Direxion Daily AMZN Bear 1X Shares			—			(2,663,978)			—
Direxion Daily AVGO Bear 1X Shares			—			—			—
Direxion Daily GOOGL Bear 1X Shares			—			(2,205,433)			—
Direxion Daily META Bear 1X Shares			—			(176,994)			—
Direxion Daily MSFT Bear 1X Shares			—			(3,214,981)			—
Direxion Daily MU Bear 1X Shares			—			(5,097)			—
Direxion Daily NFLX Bear 1X Shares			—			—			—
Direxion Daily NVDA Bear 1X Shares			—			(3,633,810)			—
Direxion Daily TSLA Bear 1X Shares			—			(13,410,669)			—

158

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Funds			Utilized in Current Year			Unlimited ST			Unlimited LT
Direxion Daily TSM Bear 1X Shares			$—			$(25,798)			$—
Direxion Daily Crypto Industry Bear 1X Shares			​—			​(33,945)			​—
Direxion Daily Magnificent 7 Bear 1X Shares			—			(519,833)			—
Direxion Daily AAPL Bull 2X Shares			—			—			—
Direxion Daily AMZN Bull 2X Shares			—			—			—
Direxion Daily AVGO Bull 2X Shares			—			(1,429)			—
Direxion Daily GOOGL Bull 2X Shares			—			—			—
Direxion Daily META Bull 2X Shares			120,552			(137,273)			—
Direxion Daily MSFT Bull 2X Shares			—			—			—
Direxion Daily MU Bull 2X Shares			—			(1,511)			—
Direxion Daily NFLX Bull 2X Shares			—			—			—
Direxion Daily NVDA Bull 2X Shares			​9,277			—			—
Direxion Daily TSLA Bull 2X Shares			—			—			—
Direxion Daily TSM Bull 2X Shares			—			—			—
Direxion Daily CSI 300 China A Share Bull 2X Shares			—			(33,776,002)			(2,214,649)
Direxion Daily CSI China Internet Index Bull 2X Shares			—			(337,390,046)			—
Direxion Daily S&P 500® Bull 2X Shares			4,527,651			—			—
Direxion Daily MSCI Brazil Bull 2X Shares			1,174,847			​(440,806,844)			(1,116,252)
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			—			—			—
Direxion Daily MSCI India Bull 2X Shares			—			—			—
Direxion Daily AI and Big Data Bull 2X Shares			—			—			—
Direxion Daily AI and Big Data Bear 2X Shares			—			(131,417)			—
Direxion Daily Cloud Computing Bull 2X Shares			—			​(10,216,962)			(1,596,144)
Direxion Daily Crypto Industry Bull 2X Shares			—			(39,002)			—
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			—			(5,016,884)			(225,628)
Direxion Daily Energy Bull 2X Shares			—			​(6,514,009)			(6,856,228)
Direxion Daily Energy Bear 2X Shares			—			​(197,777,032)			—
Direxion Daily Gold Miners Index Bull 2X Shares			15,769,121			​(1,208,098,921)			(604,575,512)
Direxion Daily Gold Miners Index Bear 2X Shares			—			​(657,657,408)			—
Direxion Daily Junior Gold Miners Index Bull 2X Shares			—			​(1,502,394,353)			—
Direxion Daily Junior Gold Miners Index Bear 2X Shares			—			(249,706,772)			—
Direxion Daily Magnificent 7 Bull 2X Shares			—			—			—
Direxion Daily NYSE FANG+ Bull 2X Shares			6,988,584			—			​(782,201)
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			—			(15,318,301)			(1,410,918)
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			—			​(24,247,323)			(10,312,204)
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			—			(227,933,708)			—
Direxion Daily Travel & Vacation Bull 2X Shares			310,318			(14,439,482)			(1,470,691)
Direxion Daily Uranium Industry Bull 2X Shares			—			—			—

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. Management has reviewed all open tax years and concluded that there is no effect to the Funds’ financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During this period, the Funds did not incur any interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of October 31, 2024, open U.S. Federal and state income tax years include the tax years ended October 31, 2021, through October 31, 2024. The Funds have no examinations in progress. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

159

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

4. CREATION AND REDEMPTION TRANSACTIONS AND TRANSACTION FEES

Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called “Creation Units.” The number of shares in a Creation Unit for each respective Fund is as follows:

Funds			Number of shares per Creation Unit
Direxion Daily S&P 500® Bear 1X Shares			50,000 shares
Direxion Daily AAPL Bear 1X Shares			25,000 shares
Direxion Daily AMZN Bear 1X Shares			25,000 shares
Direxion Daily AVGO Bear 1X Shares			25,000 shares
Direxion Daily GOOGL Bear 1X Shares			25,000 shares
Direxion Daily META Bear 1X Shares			25,000 shares
Direxion Daily MSFT Bear 1X Shares			25,000 shares
Direxion Daily MU Bear 1X Shares			25,000 shares
Direxion Daily NFLX Bear 1X Shares			25,000 shares
Direxion Daily NVDA Bear 1X Shares			25,000 Shares
Direxion Daily TSLA Bear 1X Shares			25,000 shares
Direxion Daily TSM Bear 1X Shares			25,000 shares
Direxion Daily Crypto Industry Bear 1X Shares			25,000 shares
Direxion Daily Magnificent 7 Bear 1X Shares			25,000 shares
Direxion Daily AAPL Bull 2X Shares			25,000 shares
Direxion Daily AMZN Bull 2X Shares			25,000 shares
Direxion Daily AVGO Bull 2X Shares			25,000 shares
Direxion Daily GOOGL Bull 2X Shares			25,000 shares
Direxion Daily META Bull 2X Shares			25,000 shares
Direxion Daily MSFT Bull 2X Shares			25,000 shares
Direxion Daily MU Bull 2X Shares			25,000 shares
Direxion Daily NFLX Bull 2X Shares			25,000 shares
Direxion Daily NVDA Bull 2X Shares			25,000 shares
Direxion Daily TSLA Bull 2X Shares			25,000 shares
Direxion Daily TSM Bull X Shares			25,000 shares
Direxion Daily CSI China A Share Bull 2X Shares			50,000 shares
Direxion Daily CSI China Internet Index Bull 2X Shares			50,000 shares
Direxion Daily S&P 500® Bull 2X Shares			50,000 shares
Direxion Daily MSCI Brazil Bull 2X Shares			50,000 shares
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			25,000 shares
Direxion Daily MSCI India Bull 2X Shares			50,000 shares
Direxion Daily AI and Big Data Bull 2X Shares			25,000 shares
Direxion Daily AI and Big Data Bear 2X Shares			25,000 shares
Direxion Daily Cloud Computing Bull 2X Shares			50,000 shares
Direxion Daily Crypto Industry Bull 2X Shares			25,000 shares
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			50,000 shares
Direxion Daily Energy Bull 2X Shares			50,000 shares
Direxion Daily Energy Bear 2X Shares			50,000 shares
Direxion Daily Gold Miners Index Bull 2X Shares			50,000 shares
Direxion Daily Gold Miners Index Bear Shares			50,000 shares
Direxion Daily Junior Gold Miners Index Bull 2X Shares			50,000 shares
Direxion Daily Junior Gold Miners Index Bear 2X Shares			50,000 shares
Direxion Daily Magnificent 7 Bull 2X Shares			25,000 shares
Direxion Daily NYSE FANG+ Bull 2X Shares			50,000 shares
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			50,000 shares
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			50,000 shares

160

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Funds			Number of shares per Creation Unit
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			50,000 shares
Direxion Daily Travel & Vacation Bull 2X Shares			50,000 shares
Direxion Daily Uranium Industry Bull 2X Shares			25,000 shares

Creation Units of the Bull Funds are issued and redeemed in cash and/or in-kind for securities included in the relevant underlying index. Creation Units of the Bear Funds are issued and redeemed for cash. Investors such as market makers, large investors and institutions who wish to deal in creation units directly with a Fund must have entered into an authorized participant agreement with the principal underwriter and the transfer agent, or purchase through a dealer that has entered into such an agreement. Transactions in shares for each Fund include both cash and in-kind transactions and are disclosed in detail in the Statements of Changes in Net Assets.

Transaction fees payable to the Trust are imposed to compensate the Trust for the transfer and other transaction costs of a Fund associated with the issuance and redemption of creation units. There is a fixed and a variable component to the total transaction fee. A fixed transaction fee is applicable to each creation or redemption transaction, regardless of the number of creation units purchased or redeemed. In addition, a variable transaction fee equal to a percentage of the value of each creation unit purchased or redeemed is applicable to each creation or redemption transaction. Not all Funds will have a transaction fee associated with capital share activity for the year. Transaction fees received by each Fund are presented in the Capital Share Transaction section of the Statements of Changes in Net Assets and any amount receivable as of October 31, 2024 is included in Receivable for Fund shares sold on the Statement of Assets and Liabilities.

5. INVESTMENT TRANSACTIONS

The table below presents each Fund’s investment transactions during the period ended October 31, 2024. Purchases represent the aggregate purchases of investments excluding the cost of in-kind purchases, short-term investment purchases, swaps and futures contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments, swaps and futures contracts. Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

Funds			Purchases			Sales			Purchases In-Kind			Sales In-Kind
Direxion Daily S&P 500® Bear 1X Shares			$—			$—			$—			$—
Direxion Daily AAPL Bear 1X Shares			—			—			—			—
Direxion Daily AMZN Bear 1X Shares			—			—			—			—
Direxion Daily AVGO Bear 1X Shares8			—			—			—			—
Direxion Daily GOOGL Bear 1X Shares			—			—			—			—
Direxion Daily META Bear 1X Shares4			—			—			—			—
Direxion Daily MSFT Bear 1X Shares			—			—			—			—
Direxion Daily MU Bear 1X Shares8			—			—			—			—
Direxion Daily NFLX Bear 1X Shares7			—			—			—			—
Direxion Daily NVDA Bear 1X Shares			—			—			—			—
Direxion Daily TSLA Bear 1X Shares			—			—			—			—
Direxion Daily TSM Bear 1X Shares7			—			—			—			—
Direxion Daily Crypto Industry Bear 1X Shares6			—			—			—			—
Direxion Daily Magnificent 7 Bear 1X Shares2			—			—			—			—
Direxion Daily AAPL Bull 2X Shares			4,405,580			15,401,011			24,179,868			4,128,680
Direxion Daily AMZN Bull 2X Shares			—			14,415,114			32,676,033			2,060,286
Direxion Daily AVGO Bull 2X Shares8			557,877			—			334,379			—
Direxion Daily GOOGL Bull 2X Shares			7,116,960			20,366,453			24,124,717			4,948,527
Direxion Daily META Bull 2X Shares4			238,500			2,837,776			9,809,236			3,275,488

161

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Funds			Purchases			Sales			Purchases In-Kind			Sales In-Kind
Direxion Daily MSFT Bull 2X Shares			$1,793,693			$—			$22,817,190			$5,342,903
Direxion Daily MU Bull 2X Shares8			645,954			—			273,597			—
Direxion Daily NFLX Bull 2X Shares7			​515,547			​—			​377,507			​137,089
Direxion Daily NVDA Bull 2X Shares			85,167,700			5,806,465			60,611,035			9,092,135
Direxion Daily TSLA Bull 2X Shares			323,477,100			207,696,842			346,697,549			144,565,809
Direxion Daily TSM Bull 2X Shares7			527,427			—			3,013,786			—
Direxion Daily CSI 300 China A Share Bull 2X Shares			9,634,290			149,273,282			398,877,174			25,610,168
Direxion Daily CSI China Internet Index Bull 2X Shares			174,889,605			176,552,966			165,396,175			142,048,966
Direxion Daily S&P 500® Bull 2X Shares			99,797,207			32,770,662			—			183,941,588
Direxion Daily MSCI Brazil Bull 2X Shares			20,058,711			33,600,705			74,748,420			44,898,210
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares1			2,301,620			993,547			701,982			—
Direxion Daily MSCI India Bull 2X Shares			4,530,010			—			41,514,429			22,970,610
Direxion Daily AI and Big Data Bull 2X Shares3			4,240,369			2,557,158			3,978,044			—
Direxion Daily AI and Big Data Bear 2X Shares3			—			—			—			—
Direxion Daily Cloud Computing Bull 2X Shares			1,900,904			933,035			2,259,852			5,842,241
Direxion Daily Crypto Industry Bull 2X Shares6			2,201,885			662,822			410,851			—
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			2,501,345			6,213,991			8,991,537			4,968,448
Direxion Daily Energy Bull 2X Shares			45,151,551			44,019,589			179,446,056			231,811,024
Direxion Daily Energy Bear 2X Shares			—			—			—			—
Direxion Daily Gold Miners Index Bull 2X Shares			405,587,000			131,206,875			417,757,155			747,218,453
Direxion Daily Gold Miners Index Bear 2X Shares			—			—			—			—
Direxion Daily Junior Gold Miners Index Bull 2X Shares			233,389,125			24,407,055			212,928,644			485,816,444
Direxion Daily Junior Gold Miners Index Bear 2X Shares			—			—			—			—
Direxion Daily Magnificent 7 Bull 2X Shares2			​20,662,074			​16,379,355			​2,409,911			​2,604,971
Direxion Daily NYSE FANG+ Bull 2X Shares			21,016,848			24,970,421			50,288,713			37,841,191
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			—			—			9,453,143			13,327,585
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			102,001,018			91,301,812			179,763,961			256,539,461
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			—			—			—			—
Direxion Daily Travel & Vacation Bull 2X Shares			5,571,947			928,832			562,847			10,572,050
Direxion Daily Uranium Industry Bull 2X Shares5			3,860,352			1,056,305			985,432			—

1
Represents the period from February 7, 2024 (commencement of operations) to October 31, 2024.

2
Represents the period from March 7, 2024 (commencement of operations) to October 31, 2024.

3
Represents the period from May 15, 2024 (commencement of operations) to October 31, 2024.

4
Represents the period from June 5, 2024 (commencement of operations) to October 31, 2024.

5
Represents the period from June 26, 2024 (commencement of operations) to October 31, 2024.

6
Represents the period from July 17, 2024 (commencement of operations) to October 31, 2024.

7
Represents the period from October 3, 2024 (commencement of operations) to October 31, 2024.

8
Represents the period from October 10, 2024 (commencement of operations) to October 31, 2024.

There were no purchases or sales of long-term U.S. Government securities in the Funds during the period ended October 31, 2024.

162

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

6. INVESTMENT ADVISORY AND OTHER AGREEMENTS

Under an Investment Advisory Agreement between the Adviser and the Trust, on behalf of each Fund, the Adviser provides a continuous investment program for each Fund’s assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of each Fund, subject to the supervision of the Trustees. Pursuant to the Advisory Agreement, each Fund pays the Adviser investment advisory fees at an annual rate based on its average daily net assets. These rates are as follows:

Direxion Daily S&P 500® Bear 1X Shares			0.35%
Direxion Daily AAPL Bear 1X Shares			0.75%
Direxion Daily AMZN Bear 1X Shares			0.75%
Direxion Daily AVGO Bear 1X Shares			0.75%
Direxion Daily GOOGL Bear 1X Shares			0.75%
Direxion Daily META Bear 1X Shares			0.75%
Direxion Daily MSFT Bear 1X Shares			0.75%
Direxion Daily MU Bear 1X Shares			0.75%
Direxion Daily NFLX Bear 1X Shares			0.75%
Direxion Daily NVDA Bear 1X Shares			0.75%
Direxion Daily TSLA Bear 1X Shares			0.75%
Direxion Daily TSM Bear 1X Shares			0.75%
Direxion Daily Crypto Industry Bear 1X Shares			0.35%
Direxion Daily Magnificent 7 Bear 1X Shares			0.35%
Direxion Daily AAPL Bull 2X Shares			0.75%
Direxion Daily AMZN Bull 2X Shares			0.75%
Direxion Daily AVGO Bull 2X Shares			0.75%
Direxion Daily GOOGL Bull 2X Shares			0.75%
Direxion Daily META Bull 2X Shares			0.75%
Direxion Daily MSFT Bull 2X Shares			0.75%
Direxion Daily MU Bull 2X Shares			0.75%
Direxion Daily NFLX Bull 2X Shares			0.75%
Direxion Daily NVDA Bull 2X Shares			0.75%
Direxion Daily TSLA Bull 2X Shares			0.75%
Direxion Daily TSM Bull 2X Shares			0.75%
Direxion Daily CSI 300 China A Share Bull 2X Shares			0.75%
Direxion Daily CSI China Internet Index Bull 2X Shares			0.75%
Direxion Daily S&P 500® Bull 2X Shares			0.50%
Direxion Daily MSCI Brazil Bull 2X Shares			0.75%
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			0.75%
Direxion Daily MSCI India Bull 2X Shares			0.75%
Direxion Daily AI and Big Data Bull 2X Shares			0.75%
Direxion Daily AI and Big Data Bear 2X Shares			0.75%
Direxion Daily Cloud Computing Bull 2X Shares			0.75%
Direxion Daily Crypto Industry Bull 2X Shares			0.75%
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			0.75%
Direxion Daily Energy Bull 2X Shares			0.75%
Direxion Daily Energy Bear 2X Shares			0.75%
Direxion Daily Gold Miners Index Bull 2X Shares			0.75%
Direxion Daily Gold Miners Index Bear 2X Shares			0.75%
Direxion Daily Junior Gold Miners Index Bull 2X Shares			0.75%
Direxion Daily Junior Gold Miners Index Bear 2X Shares			0.75%
Direxion Daily Magnificent 7 Bull 2X Shares			0.75%
Direxion Daily NYSE FANG+ Bull 2X Shares			0.75%
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			0.75%

163

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			0.75%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			0.75%
Direxion Daily Travel & Vacation Bull 2X Shares			0.75%
Direxion Daily Uranium Industry Bull 2X Shares			0.75%

Additionally, the Trust has entered into a Management Services Agreement with the Adviser. Under the Management Services Agreement, the Trust pays the Adviser management service fees of 0.026% on the first $10,000,000,000 of the Trust’s daily net assets and 0.024% on assets in excess of $10,000,000,000. This fee compensates the Adviser for performing certain management, administration and compliance functions related to the Trust.

Each Fund is responsible for its own operating expenses. The Adviser has contractually agreed to waive its fees and/or reimburse the Funds’ operating expenses to the extent that they exceed the following rates multiplied by the Fund’s respective average daily net assets at least until September 1, 2025. Any expense waiver is subject to recoupment by the Adviser, as applicable, within the following three years if overall expenses fall below these percentage limitations.

Direxion Daily S&P 500® Bear 1X Shares			0.45%
Direxion Daily AAPL Bear 1X Shares			0.95%
Direxion Daily AMZN Bear 1X Shares			0.95%
Direxion Daily AVGO Bear 1X Shares			0.95%
Direxion Daily GOOGL Bear 1X Shares			0.95%
Direxion Daily META Bear 1X Shares			0.95%
Direxion Daily MSFT Bear 1X Shares			0.95%
Direxion Daily MU Bear 1X Shares			0.95%
Direxion Daily NFLX Bear 1X Shares			0.95%
Direxion Daily NVDA Bear 1X Shares			0.95%
Direxion Daily TSLA Bear 1X Shares			0.95%
Direxion Daily TSM Bear 1X Shares			0.95%
Direxion Daily Crypto Industry Bear 1X Shares			0.45%
Direxion Daily Magnificent 7 Bear 1X Shares			0.45%
Direxion Daily AAPL Bull 2X Shares			0.95%
Direxion Daily AMZN Bull 2X Shares			0.95%
Direxion Daily AVGO Bull 2X Shares			0.95%
Direxion Daily GOOGL Bull 2X Shares			0.95%
Direxion Daily META Bull 2X Shares			0.95%
Direxion Daily MSFT Bull 2X Shares			0.95%
Direxion Daily MU Bull 2X Shares			0.95%
Direxion Daily NFLX Bull 2X Shares			0.95%
Direxion Daily NVDA Bull 2X Shares			0.95%
Direxion Daily TSLA Bull 2X Shares			0.95%
Direxion Daily TSM Bull 2X Shares			0.95%
Direxion Daily CSI 300 China A Share Bull 2X Shares			0.95%
Direxion Daily CSI China Internet Index Bull 2X Shares			0.95%
Direxion Daily S&P 500® Bull 2X Shares			0.60%
Direxion Daily MSCI Brazil Bull 2X Shares			0.95%
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			0.95%
Direxion Daily MSCI India Bull 2X Shares			0.95%
Direxion Daily AI and Big Data Bull 2X Shares			0.95%
Direxion Daily AI and Big Data Bear 2X Shares			0.95%
Direxion Daily Cloud Computing Bull 2X Shares			0.95%
Direxion Daily Crypto Industry Bull 2X Shares			0.95%

164

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			0.95%
Direxion Daily Energy Bull 2X Shares			0.95%
Direxion Daily Energy Bear 2X Shares			0.95%
Direxion Daily Gold Miners Index Bull 2X Shares			0.95%
Direxion Daily Gold Miners Index Bear 2X Shares			0.95%
Direxion Daily Junior Gold Miners Index Bull 2X Shares			0.95%
Direxion Daily Junior Gold Miners Index Bear 2X Shares			0.95%
Direxion Daily Magnificent 7 Bull 2X Shares			0.95%
Direxion Daily NYSE FANG+ Bull 2X Shares			0.95%
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			0.95%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			0.95%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			0.95%
Direxion Daily Travel & Vacation Bull 2X Shares			0.95%
Direxion Daily Uranium Industry Bull 2X Shares			0.95%

The table below presents amounts that the Adviser recouped, reimbursed and the amounts available for potential recoupment by the Adviser.

			Expenses Recouped			Expenses Reimbursed			Potential Recoupment Amounts Expiring:									Total Potential Recoupment Amount
									October 31, 2025			October 31, 2026			October 31, 2027
Direxion Daily S&P 500® Bear 1X Shares			$​3,921			$117,395			$205,822			$205,611			$117,395			$528,828
Direxion Daily AAPL Bear 1X Shares			14,923			881			—			—			557			557
Direxion Daily AMZN Bear 1X Shares			2,455			18,004			15,173			16,135			18,004			49,312
Direxion Daily AVGO Bear 1X Shares			​603			​12,049			​—			​—			​11,446			​11,446
Direxion Daily GOOGL Bear 1X Shares			2,469			18,180			15,327			​17,435			18,180			​50,942
Direxion Daily META Bear 1X Shares			1,248			21,091			—			—			19,843			19,843
Direxion Daily MSFT Bear 1X Shares			2,425			13,885			15,216			15,315			13,885			44,416
Direxion Daily MU Bear 1X Shares			604			12,066			—			—			11,462			11,462
Direxion Daily NFLX Bear 1X Shares			214			18,299			—			—			18,085			18,085
Direxion Daily NVDA Bear 1X Shares			5,787			30,084			—			8,684			30,084			38,768
Direxion Daily TSLA Bear 1X Shares			1,636			—			—			—			—			—
Direxion Daily TSM Bear 1X Shares			923			12,498			—			—			11,575			11,575
Direxion Daily Crypto Industry Bear 1X Shares			​3,657			28,278			—			—			​24,621			​24,621
Direxion Daily Magnificent 7 Bear 1X Shares			8,687			42,743			—			—			34,056			34,056
Direxion Daily AAPL Bull 2X Shares			17,066			—			—			—			—			—
Direxion Daily AMZN Bull 2X Shares			14,709			162			—			—			—			—

165

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Expenses Recouped			Expenses Reimbursed			Potential Recoupment Amounts Expiring:									Total Potential Recoupment Amount
									October 31, 2025			October 31, 2026			October 31, 2027
Direxion Daily AVGO Bull 2X Shares			$573			$12,051			$—			$—			$11,478			$11,478
Direxion Daily GOOGL Bull 2X Shares			22,227			271			—			—			—			—
Direxion Daily META Bull 2X Shares			2,662			23,846			—			—			21,184			21,184
Direxion Daily MSFT Bull 2X Shares			19,465			—			—			—			—			—
Direxion Daily MU Bull 2X Shares			618			12,014			—			—			11,396			11,396
Direxion Daily NFLX Bull 2X Shares			244			18,263			—			—			18,019			18,019
Direxion Daily NVDA Bull 2X Shares			16,910			2,079			—			—			—			—
Direxion Daily TSLA Bull 2X Shares			558			—			—			—			—			—
Direxion Daily TSM Bull 2X Shares			939			12,503			—			—			11,564			11,564
Direxion Daily CSI 300 China A Share Bull 2X Shares			9,817			9,817			—			—			—			—
Direxion Daily CSI China Internet Index Bull 2X Shares			—			—			—			—			—			—
Direxion Daily S&P 500® Bull 2X Shares			3,259			93,531			50,190			131,626			93,531			275,347
Direxion Daily MSCI Brazil Bull 2X Shares			​—			​—			​—			​—			​—			​—
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			2,392			37,516			—			—			35,124			35,124
Direxion Daily MSCI India Bull 2X Shares			—			—			—			—			—			—
Direxion Daily AI and Big Data Bull 2X Shares			3,525			27,524			—			—			23,999			23,999
Direxion Daily AI and Big Data Bear 2X Shares			3,484			29,256			—			—			25,772			25,772
Direxion Daily Cloud Computing Bull 2X Shares			1,430			39,667			33,849			49,336			39,667			122,852
Direxion Daily Crypto Industry Bull 2X Shares			​3,658			27,772			—			—			​24,114			​24,114
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			1,430			41,071			32,082			43,190			41,071			116,343
Direxion Daily Energy Bull 2X Shares			—			—			—			—			—			—
Direxion Daily Energy Bear 2X Shares			1,496			9,368			13,901			21,970			9,368			45,239
Direxion Daily Gold Miners Index Bull 2X Shares			—			—			—			—			—			—
Direxion Daily Gold Miners Index Bear 2X Shares			—			—			—			—			—			—

166

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Expenses Recouped			Expenses Reimbursed			Potential Recoupment Amounts Expiring:									Total Potential Recoupment Amount
									October 31, 2025			October 31, 2026			October 31, 2027
Direxion Daily Junior Gold Miners Index Bull 2X Shares			$—			$—			$—			$—			$—			$—
Direxion Daily Junior Gold Miners Index Bear 2X Shares			—			—			—			—			—			—
Direxion Daily Magnificent 7 Bull 2X Shares			8,765			35,061			—			—			26,296			26,296
Direxion Daily NYSE FANG+ Bull 2X Shares			18,917			4,526			14,978			20,955			4,526			40,459
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			2,599			6,901			12,147			21,243			6,901			40,291
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			—			—			—			—			—			—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			2,774			1,989			9,465			20,519			1,989			31,973
Direxion Daily Travel & Vacation Bull 2X Shares			1,430			15,971			12,058			18,324			15,971			46,353
Direxion Daily Uranium Industry Bull 2X Shares			594			26,462			—			—			25,868			25,868

The net amounts receivable (payable) arising from the Investment Advisory Agreement, Management Services Agreement, and waiver of any expenses as of October 31, 2024, is presented on the Statement of Assets and Liabilities as Due from (to) Adviser, net.

The Board has adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940. In accordance with the Plan, each Fund is authorized to charge an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No 12b-1 fees were charged by any Fund.

7.  FAIR VALUE MEASUREMENTS

The Funds follow authoritative fair valuation accounting standards, which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels below:

Level 1 – 

Quoted prices in active markets for identical securities

Level 2 – 

Evaluated price based on other significant observable inputs (including quoted prices for similar securities in active markets, quoted prices for identical or similar securities in inactive markets, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – 

Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

167

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

The following is a summary of the inputs used to value the Funds’ investments at October 31, 2024:

			Asset Class												Liability Class
			Level 1									Level 2			Level 2
Funds			Investment Companies			Common Stocks			Short Term Investments			Total Return Swap Contracts*			Total Return Swap Contracts*
Direxion Daily S&P 500® Bear 1X Shares			$—			$—			$159,015,626			$756,589			$(8,551,167)
Direxion Daily AAPL Bear 1X Shares			—			—			25,532,884			62,903			(184,753)
Direxion Daily AMZN Bear 1X Shares			—			—			4,119,292			17,426			(6,815)
Direxion Daily AVGO Bear 1X Shares			—			—			2,504,142			204,687			—
Direxion Daily GOOGL Bear 1X Shares			—			—			4,436,729			98,946			(174,326)
Direxion Daily META Bear 1X Shares			—			—			6,377,260			50,558			(254,136)
Direxion Daily MSFT Bear 1X Shares			—			—			7,567,567			503,393			—
Direxion Daily MU Bear 1X Shares			—			—			2,449,027			80,112			—
Direxion Daily NFLX Bear 1X Shares			—			—			4,752,990			—			(110,953)
Direxion Daily NVDA Bear 1X Shares			—			—			29,735,377			295,078			(1,305,555)
Direxion Daily TSLA Bear 1X Shares			—			—			56,378,874			282,982			(408,620)
Direxion Daily TSM Bear 1X Shares			—			—			3,977,737			97,816			(91,146)
Direxion Daily Crypto Industry Bear 1X Shares			—			—			2,527,147			149,359			—
Direxion Daily Magnificent 7 Bear 1X Shares			—			—			2,553,237			—			(101,211)
Direxion Daily AAPL Bull 2X Shares			—			20,476,482			80,807,081			6,749,922			(226,058)
Direxion Daily AMZN Bull 2X Shares			—			23,959,110			143,861,008			61			(3,594,415)
Direxion Daily AVGO Bull 2X Shares			—			833,740			3,792,542			—			(494,405)
Direxion Daily GOOGL Bull 2X Shares			—			15,561,086			138,946,943			13,550,548			—
Direxion Daily META Bull 2X Shares			—			4,309,068			52,255,016			4,770,158			(1,036,905)
Direxion Daily MSFT Bull 2X Shares			—			26,602,109			123,366,201			—			(10,538,967)
Direxion Daily MU Bull 2X Shares			—			884,494			4,977,784			—			(529,713)
Direxion Daily NFLX Bull 2X Shares			—			​800,635			4,482,613			384,277			—
Direxion Daily NVDA Bull 2X Shares			—			157,639,091			559,361,828			125,012,810			(15,676,381)
Direxion Daily TSLA Bull 2X Shares			​—			​552,647,713			​1,860,713,516			​419,481,654			​(619,817)
Direxion Daily TSM Bull 2X Shares			—			3,499,648			20,577,947			—			(743,486)
Direxion Daily CSI 300 China A Share Bull 2X Shares			202,959,109			—			180,891,414			3,206,563			(51,895,940)
Direxion Daily CSI China Internet Index Bull 2X Shares			201,937,437			—			189,838,636			59,197,572			(14,475,253)
Direxion Daily S&P 500® Bull 2X Shares			—			143,664,429			11,947,410			20,755,418			—
Direxion Daily MSCI Brazil Bull 2X Shares			58,429,757			—			61,437,000			—			(11,214,473)
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			2,134,536			—			1,327,566			—			(160,609)
Direxion Daily MSCI India Bull 2X Shares			56,784,585			—			39,047,015			9,526,490			(4,827)
Direxion Daily AI and Big Data Bull 2X Shares			—			6,224,301			1,260,889			502,173			—
Direxion Daily AI and Big Data Bear 2X Shares			—			—			2,562,200			—			(144,062)
Direxion Daily Cloud Computing Bull 2X Shares			—			3,827,935			978,788			252,042			(237)
Direxion Daily Crypto Industry Bull 2X Shares			—			1,876,103			943,834			114,566			(145,448)
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			—			3,046,669			2,984,854			209,689			(8,243)

168

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Asset Class												Liability Class
			Level 1									Level 2			Level 2
Funds			Investment Companies			Common Stocks			Short Term Investments			Total Return Swap Contracts*			Total Return Swap Contracts*
Direxion Daily Energy Bull 2X Shares			$—			$218,815,922			$86,763,252			$10,942,646			$—
Direxion Daily Energy Bear 2X Shares			—			—			24,618,751			2,300,838			(76,213)
Direxion Daily Gold Miners Index Bull 2X Shares			279,067,844			—			307,250,836			179,503,422			—
Direxion Daily Gold Miners Index Bear 2X Shares			—			—			106,330,841			1,206,914			(12,471,753)
Direxion Daily Junior Gold Miners Index Bull 2X Shares			110,206,344			—			227,124,620			125,498,416			—
Direxion Daily Junior Gold Miners Index Bear 2X Shares			—			—			69,116,520			933,735			(12,999,291)
Direxion Daily Magnificent 7 Bull 2X Shares			—			5,583,027			14,677,048			1,013,328			(387,117)
Direxion Daily NYSE FANG+ Bull 2X Shares			—			27,783,501			37,467,700			12,255,068			—
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			12,588,585			—			16,285,746			2,705,732			—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			—			219,128,981			150,948,935			—			(19,798,032)
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			—			—			39,629,797			9,154,553			—
Direxion Daily Travel & Vacation Bull 2X Shares			—			6,470,834			2,239,649			795,387			—
Direxion Daily Uranium Industry Bull 2X Shares			​3,759,341			​—			4,550,601			570,325			(15,091)

For further detail on each asset class, see each Fund’s Schedule of Investments.

*
Total return swap contracts are valued at the unrealized appreciation/(depreciation).

The Funds also follow authoritative accounting standards, which require additional disclosure regarding fair value measurements. Specifically, these standards require reporting entities to disclose a) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, and b) purchases and sales on a gross basis in the Level 3 rollforward rather than as one net number. Additionally, reporting entities are required to disclose quantitative information about unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy.

There were no Level 3 securities held by the Funds or any transfers between levels during the period ended 

October 31, 2024.

8. VALUATION OF DERIVATIVE INSTRUMENTS

The Funds follow authoritative standards of accounting for derivative instruments, which establish disclosure requirements for derivative instruments. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enable investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund’s financial position and results of operations.

Certain Funds use derivative instruments as part of their principal investment strategy to achieve their investment

objective. For additional discussion on the risks associated with derivative instruments refer to Note 2. As of

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October 31, 2024(Continued)

October 31, 2024, the Funds were invested in swap contracts. At October 31, 2024, the fair values of derivative instruments, by primary risk, were as follows:

Swap Contracts

			Asset Derivatives1
Funds			Equity Risk
Direxion Daily S&P 500® Bear 1X Shares			$756,589
Direxion Daily AAPL Bear 1X Shares			62,903
Direxion Daily AMZN Bear 1X Shares			17,426
Direxion Daily AVGO Bear 1X Shares			204,687
Direxion Daily GOOGL Bear 1X Shares			98,946
Direxion Daily META Bear 1X Shares			50,558
Direxion Daily MSFT Bear 1X Shares			503,393
Direxion Daily MU Bear 1X Shares			80,112
Direxion Daily NVDA Bear 1X Shares			295,078
Direxion Daily TSLA Bear 1X Shares			282,982
Direxion Daily TSM Bear 1X Shares			97,816
Direxion Daily Crypto Industry Bear 1X Shares			149,359
Direxion Daily AAPL Bull 2X Shares			6,749,922
Direxion Daily AMZN Bull 2X Shares			61
Direxion Daily GOOGL Bull 2X Shares			13,550,548
Direxion Daily META Bull 2X Shares			4,770,158
Direxion Daily NFLX Bull 2X Shares			384,277
Direxion Daily NVDA Bull 2X Shares			125,012,810
Direxion Daily TSLA Bull 2X Shares			419,481,654
Direxion Daily CSI 300 China A Share Bull 2X Shares			3,206,563
Direxion Daily CSI China Internet Index Bull 2X Shares			59,197,572
Direxion Daily S&P 500® Bull 2X Shares			20,755,418
Direxion Daily MSCI India Bull 2X Shares			9,526,490
Direxion Daily AI & Big Data Bull 2X Shares			502,173
Direxion Daily Cloud Computing Bull 2X Shares			252,042
Direxion Daily Crypto Industry Bull 2X Shares			114,566
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			209,689
Direxion Daily Energy Bull 2X Shares			10,942,646
Direxion Daily Energy Bear 2X Shares			​2,300,838
Direxion Daily Gold Miners Index Bull 2X Shares			179,503,422
Direxion Daily Gold Miners Index Bear 2X Shares			1,206,914
Direxion Daily Junior Gold Miners Index Bull 2X Shares			125,498,416
Direxion Daily Junior Gold Miners Index Bear 2X Shares			933,735
Direxion Daily Magnificent 7 Bull 2X Shares			1,013,328
Direxion Daily NYSE FANG+ Bull 2X Shares			12,255,068
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			2,705,732
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			9,154,553
Direxion Daily Travel & Vacation Bull 2X Shares			795,387
Direxion Daily Uranium Industry Bull 2X Shares			570,325

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Notes to the Financial Statements

October 31, 2024(Continued)

Swap Contracts

			Liability Derivatives2
Funds			Equity Risk
Direxion Daily S&P 500® Bear 1X Shares			$8,551,167
Direxion Daily AAPL Bear 1X Shares			184,753
Direxion Daily AMZN Bear 1X Shares			6,815
Direxion Daily GOOGL Bear 1X Shares			174,326
Direxion Daily META Bear 1X Shares			254,136
Direxion Daily NFLX Bear 1X Shares			110,953
Direxion Daily NVDA Bear 1X Shares			1,305,555
Direxion Daily TSLA Bear 1X Shares			408,620
Direxion Daily TSM Bear 1X Shares			91,146
Direxion Daily Magnificent 7 Bear 1X Shares			101,211
Direxion Daily AAPL Bull 2X Shares			226,058
Direxion Daily AMZN Bull 2X Shares			3,594,415
Direxion Daily AVGO Bull 2X Shares			494,405
Direxion Daily META Bull 2X Shares			1,036,905
Direxion Daily MSFT Bull 2X Shares			10,538,967
Direxion Daily MU Bull 2X Shares			529,713
Direxion Daily NVDA Bull 2X Shares			15,676,381
Direxion Daily TSLA Bull 2X Shares			619,817
Direxion Daily TSM Bull 2X Shares			743,486
Direxion Daily CSI 300 China A Share Bull 2X Shares			51,895,940
Direxion Daily CSI China Internet Index Bull 2X Shares			14,475,253
Direxion Daily MSCI Brazil Bull 2X Shares			11,214,473
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			160,609
Direxion Daily MSCI India Bull 2X Shares			4,827
Direxion Daily AI and Big Data Bear 2X Shares			144,062
Direxion Daily Cloud Computing Bull 2X Shares			237
Direxion Daily Crypto Industry Bull 2X Shares			145,448
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			8,243
Direxion Daily Energy Bear 2X Shares			76,213
Direxion Daily Gold Miners Index Bear 2X Shares			12,471,753
Direxion Daily Junior Gold Miners Index Bear 2X Shares			12,999,291
Direxion Daily Magnificent 7 Bull 2X Shares			387,117
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			​19,798,032
Direxion Daily Uranium Industry Bull 2X Shares			15,091

1
Statements of Assets and Liabilities location: Unrealized appreciation on swap contracts.

2
Statements of Assets and Liabilities location: Unrealized appreciation on swap contracts.

Transactions in derivative instruments during the period ended October 31, 2024, by primary risk, were as follows:

Funds						Net Realized Gain (Loss)1 Equity Risk			Net Unrealized Appreciation/ (Depreciation)2 Equity Risk
Direxion Daily S&P 500® Bear 1X Shares			Swap Contracts			$ (46,329,612)			$ (23,581,910)
Direxion Daily AAPL Bear 1X Shares			Swap Contracts			(5,280,087)			(1,488,835)
Direxion Daily AMZN Bear 1X Shares			Swap Contracts			(1,461,989)			97,691
Direxion Daily AVGO Bear 1X Shares			Swap Contracts			21,444			204,687
Direxion Daily GOOGL Bear 1X Shares			Swap Contracts			(1,197,303)			(214,058)

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Notes to the Financial Statements

October 31, 2024(Continued)

Funds						Net Realized Gain (Loss)1 Equity Risk			Net Unrealized Appreciation/ (Depreciation)2 Equity Risk
Direxion Daily META Bear 1X Shares			Swap Contracts			$(294,679)			$(203,578)
Direxion Daily MSFT Bear 1X Shares			Swap Contracts			(2,037,606)			585,924
Direxion Daily MU Bear 1X Shares			Swap Contracts			(51,186)			80,112
Direxion Daily NFLX Bear 1X Shares			Swap Contracts			(71,708)			(110,953)
Direxion Daily NVDA Bear 1X Shares			Swap Contracts			(10,572,784)			(2,055,523)
Direxion Daily TSLA Bear 1X Shares			Swap Contracts			(6,504,750)			(10,492,430)
Direxion Daily TSM Bear 1X Shares			Swap Contracts			(140,166)			6,670
Direxion Daily Crypto Industry Bear 1X Shares			Swap Contracts			(46,324)			149,359
Direxion Daily Magnificent 7 Bear 1X Shares			Swap Contracts			(713,795)			(101,211)
Direxion Daily AAPL Bull 2X Shares			Swap Contracts			25,765,308			7,601,031
Direxion Daily AMZN Bull 2X Shares			Swap Contracts			6,604,224			(5,733,182)
Direxion Daily AVGO Bull 2X Shares			Swap Contracts			(74,932)			(494,405)
Direxion Daily GOOGL Bull 2X Shares			Swap Contracts			504,355			15,628,241
Direxion Daily META Bull 2X Shares			Swap Contracts			(1,651,198)			3,733,253
Direxion Daily MSFT Bull 2X Shares			Swap Contracts			4,756,046			(11,040,842)
Direxion Daily MU Bull 2X Shares			Swap Contracts			(83,886)			(529,713)
Direxion Daily NFLX Bull 2X Shares			Swap Contracts			(38,141)			384,277
Direxion Daily NVDA Bull 2X Shares			Swap Contracts			86,598,879			110,879,733
Direxion Daily TSLA Bull 2X Shares			Swap Contracts			(137,680,129)			579,984,058
Direxion Daily TSM Bull 2X Shares			Swap Contracts			(214,453)			(743,486)
Direxion Daily CSI 300 China A Share Bull 2X Shares			Swap Contracts			(61,098,039)			(36,587,011)
Direxion Daily CSI China Internet Index Bull 2X Shares			Swap Contracts			(33,240,061)			91,408,052
Direxion Daily S&P 500® Bull 2X Shares			Swap Contracts			45,665,223			19,684,841
Direxion Daily MSCI Brazil Bull 2X Shares			Swap Contracts			10,875,947			(17,413,606)
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			Swap Contracts			155,190			(160,609)
Direxion Daily MSCI India Bull 2X Shares			Swap Contracts			9,175,562			10,400,968
Direxion Daily AI and Big Data Bull 2X Shares			Swap Contracts			(41,513)			502,173
Direxion Daily AI and Big Data Bear 2X Shares			Swap Contracts			(586,698)			(144,062)
Direxion Daily Cloud Computing Bull 2X Shares			Swap Contracts			1,363,877			(6,984)
Direxion Daily Crypto Industry Bull 2X Shares			Swap Contracts			(154,400)			(30,882)
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			Swap Contracts			(4,069,767)			1,623,248
Direxion Daily Energy Bull 2X Shares			Swap Contracts			6,494,939			(3,756,382)
Direxion Daily Energy Bear 2X Shares			Swap Contracts			​(767,117)			​131,993
Direxion Daily Gold Miners Index Bull 2X Shares			Swap Contracts			61,956,249			203,763,259
Direxion Daily Gold Miners Index Bear 2X Shares			Swap Contracts			(58,041,840)			(35,656,635)
Direxion Daily Junior Gold Miners Index Bull 2X Shares			Swap Contracts			25,820,727			157,750,781
Direxion Daily Junior Gold Miners Index Bear 2X Shares			Swap Contracts			(35,254,975)			(34,326,826)
Direxion Daily Magnificent 7 Bull 2X Shares			Swap Contracts			395,387			626,211
Direxion Daily NYSE FANG+ Bull 2X Shares			Swap Contracts			6,286,222			14,683,971
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			Swap Contracts			5,182,881			4,549,488
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			Swap Contracts			10,586,951			(102,363,018)
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			Swap Contracts			(987,306)			12,198,564
Direxion Daily Travel & Vacation Bull 2X Shares			Swap Contracts			1,341,006			2,750,441
Direxion Daily Uranium Industry Bull 2X Shares			Swap Contracts			(112,279)			555,234

1
Statements of Operations location: Net realized gain (loss) on swap contracts.

2
Statements of Operations location: Change in net unrealized appreciation (depreciation) on swap contracts.

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Notes to the Financial Statements

October 31, 2024(Continued)

For the period ended October 31, 2024, the volume of the derivatives held by the Funds was as follows:

			Quarterly Average Gross Notional Amounts
			Long Total Return Swap Contracts			Short Total Return Swap Contracts
Direxion Daily S&P 500® Bear 1X Shares			$—			$193,209,405
Direxion Daily AAPL Bear 1X Shares			—			30,569,464
Direxion Daily AMZN Bear 1X Shares			—			3,825,317
Direxion Daily AVGO Bear 1X Shares			—			1,468,873
Direxion Daily GOOGL Bear 1X Shares			—			3,235,646
Direxion Daily META Bear 1X Shares			—			3,532,014
Direxion Daily MSFT Bear 1X Shares			—			7,545,281
Direxion Daily MU Bear 1X Shares			—			1,304,834
Direxion Daily NFLX Bear 1X Shares			—			2,267,841
Direxion Daily NVDA Bear 1X Shares			—			15,991,223
Direxion Daily TSLA Bear 1X Shares			—			60,492,360
Direxion Daily TSM Bear 1X Shares			—			1,996,640
Direxion Daily Crypto Industry Bear 1X Shares			—			1,891,626
Direxion Daily Magnificent 7 Bear 1X Shares			—			2,956,930
Direxion Daily AAPL Bull 2X Shares			122,683,482			—
Direxion Daily AMZN Bull 2X Shares			186,915,098			—
Direxion Daily AVGO Bull 2X Shares			3,921,551			—
Direxion Daily GOOGL Bull 2X Shares			145,174,539			—
Direxion Daily META Bull 2X Shares			47,489,979			—
Direxion Daily MSFT Bull 2X Shares			156,352,071			—
Direxion Daily MU Bull 2X Shares			5,098,541			—
Direxion Daily NFLX Bull 2X Shares			​4,907,964			—
Direxion Daily NVDA Bull 2X Shares			444,646,259			—
Direxion Daily TSLA Bull 2X Shares			2,212,098,854			—
Direxion Daily TSM Bull 2X Shares			20,749,024			—
Direxion Daily CSI 300 China A Share Bull 2X Shares			172,888,788			—
Direxion Daily CSI China Internet Index Bull 2X Shares			485,924,952			—
Direxion Daily S&P 500® Bull 2X Shares			​178,954,670			​—
Direxion Daily MSCI Brazil Bull 2X Shares			165,449,528			—
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			3,059,537			—
Direxion Daily MSCI India Bull 2X Shares			115,975,596			—
Direxion Daily AI and Big Data Bull 2X Shares			5,251,139			—
Direxion Daily AI and Big Data Bear 2X Shares			—			2,996,450
Direxion Daily Cloud Computing Bull 2X Shares			6,681,869			—
Direxion Daily Crypto Industry Bull 2X Shares			2,050,399			—
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			6,263,234			—
Direxion Daily Energy Bull 2X Shares			433,663,263			—
Direxion Daily Energy Bear 2X Shares			—			44,046,417
Direxion Daily Gold Miners Index Bull 2X Shares			704,822,051			—
Direxion Daily Gold Miners Index Bear 2X Shares			—			240,494,218
Direxion Daily Junior Gold Miners Index Bull 2X Shares			435,081,235			—
Direxion Daily Junior Gold Miners Index Bear 2X Shares			—			186,070,873
Direxion Daily Magnificent 7 Bull 2X Shares			16,244,304			—
Direxion Daily NYSE FANG+ Bull 2X Shares			63,161,146			—
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			43,024,601			—
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			609,376,807			—

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Notes to the Financial Statements

October 31, 2024(Continued)

			Quarterly Average Gross Notional Amounts
			Long Total Return Swap Contracts			Short Total Return Swap Contracts
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			$—			$105,502,781
Direxion Daily Travel & Vacation Bull 2X Shares			13,156,289			—
Direxion Daily Uranium Industry Bull 2X Shares			5,077,876			—

The Funds utilize this volume of derivatives in order to obtain leverage in order to meet the investment objectives of -100%, 200%, or -200% daily performance of their respective index.

9. PRINCIPAL RISKS

Below are some of the principal risks of investing in the Funds. Please refer to the Funds’ prospectus for a full discussion.

Counterparty Risk – A Fund will be subject to credit risk with respect to the amount it expects to receive from counterparties to financial instruments entered into by the Fund. The Funds’ counterparties are generally required to post collateral to the Funds to the extent of the Funds’ daily exposure to such counterparties. However, to the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described in this paragraph. In addition, there may be a delay associated with realization by the Funds of the collateral posted by such counterparties in the event of counterparty default or bankruptcy. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. A Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances.

Daily Index Correlation/Tracking Risk – A number of factors may affect a Fund’s ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. A failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective. A number of factors may adversely affect a Fund’s correlation with its benchmark, including fees, expenses, transaction costs, costs associated with the use of leveraged investment techniques, income items, accounting standards, and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. A Fund may not have investment exposure to all securities in its underlying benchmark index, or its weighting of investment exposure to such stocks or industries may be different from that of the index. In addition, a Fund may invest in securities or financial instruments not included in the index underlying its benchmark. A Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to its benchmark. Activities surrounding annual index reconstitutions and other index rebalancing or reconstitution events may hinder the Funds’ ability to meet their daily investment objective on that day. Each Fund seeks to rebalance its portfolio daily to keep leverage consistent with its daily investment objective.

Certain Funds are “leveraged” funds in the sense that they have investment objectives to match a multiple of the performance of an index on a given day. These Funds are subject to all of the correlation risks described above. In addition, there is a special form of correlation risk that derives from these Funds’ use of leverage, which is that for periods greater than one day, the use of leverage tends to cause the performance of a Fund to be either greater than or less than the index performance times the stated multiple in the fund objective, before accounting for fees and fund expenses. In general, given a particular index return, increased volatility of the index will cause a decrease in the performance relative to the index performance times the stated fund multiple.

Derivatives Risk – The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

In addition, the Fund’s investments in derivatives are subject to the following risks:

• Swap Agreements. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree

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Notes to the Financial Statements

October 31, 2024(Continued)

to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities representing a particular index or an ETF that seeks to track an index. Swaps are subject to counterparty, valuation and leveraging risks.

• Futures Contracts. Futures contracts are typically exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. Futures contracts are subject to liquidity risks; there may not be a liquid secondary market for the futures contracts and the Fund may not be able to enter into a closing transaction. Exchanges may also limit the number of positions that can be held or controlled by the Fund or the Adviser, thus limiting the ability of the Fund to implement its leveraged investment strategy. Futures markets are highly volatile and the use of futures may increase the Fund’s volatility. Futures contracts are also subject to leverage risk.

Foreign Securities Risk – Investments in foreign securities directly or indirectly through investments in exchange traded funds which track foreign securities involve greater risks than investing in domestic securities. As a result, the Funds’ returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The laws, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy’s dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.

Leverage Risk – Leverage offers a means of magnifying market movements into larger changes in an investment’s value and provides greater investment exposure than an unleveraged investment. Swap and futures contracts may be used to create leverage. Certain Funds employ leveraged investment techniques to achieve its investment objective.

Liquidity Risk – In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a Fund invests, a Fund might not be able to dispose of certain holdings quickly or at prices that represent fair market value in the judgment of the Adviser. Additionally, certain counterparties may have the ability to demand repayment at any time, thereby exposing the Fund to the risk that it may be required to liquidate investments at an inopportune time. This may prevent a Fund from limiting losses, realizing gains or from achieving a high correlation or inverse correlation with its underlying index.

Sector Concentration Risk – The risk of concentrating investments in a limited number of issuers in a particular industry is that a Fund will be more susceptible to the risks associated with that industry than a Fund that does not concentrate its investments.

10. ADDITIONAL INFORMATION

On July 1, 2024, shares of the following Fund were adjusted to reflect a reverse stock split. The effect of the reverse stock split was to decrease the number of shares outstanding and increase the net asset value. The reverse stock split has no impact on the net assets of the Fund or the value of a shareholder’s investment in the Fund. A summary of the reverse stock split is as follows:

Fund

Effective Date

Rate

Net Asset Value Before Split

Net Asset Value After Split

Shares Outstanding Before Split

Shares Outstanding After Split

Direxion Daily Junior Gold Miners Index Bear 2X Shares

7/1/2024

1:10

3.85

38.50

18,982,449

1,898,245

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Notes to the Financial Statements

October 31, 2024(Continued)

11. SUBSEQUENT EVENTS

Management has performed an evaluation of subsequent events through the date of the financial statements were issued and has determined that no items require recognition or disclosure besides those noted below.

On November 4, 2024, shares of the following Funds were adjusted to reflect a reverse stock split. The effect of the reverse stock split was to decrease the number of shares outstanding and increase the net asset value. The reverse stock split has no impact on the net assets of the Fund or the value of a shareholder’s investment in the Fund. A summary of the reverse stock split is as follows:

Fund

Effective Date

Rate

Net Asset Value Before Split

Net Asset Value After Split

Shares Outstanding Before Split

Shares Outstanding After Split

Direxion Daily Gold Miners Index Bear 2X Shares

11/4/2024

1:10

5.29

52.90

18,410,171

1,841,017

On December 11, 2024, certain Funds declared capital gain distributions with an ex-date of December 12, 2024 and payable date of December 19, 2024. The specific Funds and per share amounts of the distributions are listed below.

Funds			Per Share Short Term Capital Gain Distribution
Direxion Daily AVGO Bear 1X Shares			​$0.22108
Direxion Daily AAPL Bull 2X Shares			​4.63035
Direxion Daily AMZN Bull 2X Shares			​0.54091
Direxion Daily GOOGL Bull 2X Shares			​0.39310
Direxion Daily MSFT Bull 2X Shares			​1.35543
Direxion Daily NFLX Bull 2X Shares			​0.05972
Direxion Daily NVDA Bull 2X Shares			​13.87973
Direxion Daily TSLA Bull 2X Shares			​0.30040
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			​2.22680
Direxion Daily MSCI India Bull 2X Shares			​0.76718
Direxion Daily AI and Big Data Bull 2X Shares			​0.43105
Direxion Daily Magnificent 7 Bull 2X Shares			​1.08634
Direxion Daily Uranium Industry Bull 2X Shares			​0.51479

On December 20, 2024, certain Funds declared income distributions with an ex-date of December 23, 2024 and payable date of December 31, 2024. The specific Funds and per share amounts of the distributions are listed below.

Funds			Per Share Income Distribution
Direxion Daily S&P 500® Bear 1X Shares			$0.13738
Direxion Daily AAPL Bear 1X Shares			0.16059
Direxion Daily AMZN Bear 1X Shares			0.11190
Direxion Daily AVGO Bear 1X Shares			0.07176
Direxion Daily GOOGL Bear 1X Shares			0.11928
Direxion Daily META Bear 1X Shares			0.22283
Direxion Daily MSFT Bear 1X Shares			0.14952
Direxion Daily MU Bear 1X Shares			0.13466
Direxion Daily NFLX Bear 1X Shares			0.17135
Direxion Daily NVDA Bear 1X Shares			0.07932
Direxion Daily TSLA Bear 1X Shares			0.06647

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October 31, 2024(Continued)

Funds			Per Share Income Distribution
Direxion Daily TSM Bear 1X Shares			0.18554
Direxion Daily Crypto Industry Bear 1X Shares			0.24833
Direxion Daily Magnificent 7 Bear 1X Shares			0.14750
Direxion Daily AAPL Bull 2X Shares			0.29527
Direxion Daily AMZN Bull 2X Shares			0.28182
Direxion Daily AVGO Bull 2X Shares			0.07768
Direxion Daily GOOGL Bull 2X Shares			0.34029
Direxion Daily META Bull 2X Shares			0.25716
Direxion Daily MSFT Bull 2X Shares			0.40260
Direxion Daily MU Bull 2X Shares			0.04708
Direxion Daily NFLX Bull 2X Shares			0.15913
Direxion Daily NVDA Bull 2X Shares			0.65049
Direxion Daily TSLA Bull 2X Shares			0.13986
Direxion Daily TSM Bull 2X Shares			0.15565
Direxion Daily CSI 300 China A Share Bull 2X Shares			0.14114
Direxion Daily CSI China Internet Index Bull 2X Shares			1.08405
Direxion Daily S&P 500® Bull 2X Shares			0.11183
Direxion Daily MSCI Brazil Bull 2X Shares			1.49242
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			0.34286
Direxion Daily MSCI India Bull 2X Shares			0.34715
Direxion Daily AI and Big Data Bear 2X Shares			0.18247
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			0.19499
Direxion Daily Energy Bull 2X Shares			0.31557
Direxion Daily Energy Bear 2X Shares			0.09231
Direxion Daily Gold Miners Index Bull 2X Shares			0.24584
Direxion Daily Gold Miners Index Bear 2X Shares			0.37214
Direxion Daily Junior Gold Miners Index Bull 2X Shares			0.03251
Direxion Daily Junior Gold Miners Index Bear 2X Shares			0.18778
Direxion Daily Magnificent 7 Bull 2X Shares			0.02937
Direxion Daily NYSE FANG+ Bull 2X Shares			0.21938
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			0.10248
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			0.18039
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			0.03385
Direxion Daily Travel & Vacation Bull 2X Shares			0.03965
Direxion Daily Uranium Industry Bull 2X Shares			0.19701

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Direxion Daily S&P 500^® Bear 1X Shares, Direxion Daily AAPL Bear 1X Shares, Direxion Daily AMZN Bear 1X Shares, Direxion Daily AVGO Bear 1X Shares, Direxion Daily GOOGL Bear 1X Shares, Direxion Daily META Bear 1X Shares, Direxion Daily MSFT Bear 1X Shares, Direxion Daily MU Bear 1X Shares, Direxion Daily NFLX Bear 1X Shares, Direxion Daily NVDA Bear 1X Shares, Direxion Daily TSLA Bear 1X Shares, Direxion Daily TSM Bear 1X Shares, Direxion Daily Crypto Industry Bear 1X Shares, Direxion Daily Magnificent 7 Bear 1X Shares (formerly Direxion Daily Concentrated Qs Bear 1X Shares), Direxion Daily AAPL Bull 2X Shares (formerly Direxion Daily AAPL Bull 1.5X Shares), Direxion Daily AMZN Bull 2X Shares (formerly Direxion Daily AMZN Bull 1.5X Shares), Direxion Daily AVGO Bull 2X Shares, Direxion Daily GOOGL Bull 2X Shares (formerly Direxion Daily GOOGL Bull 1.5X Shares), Direxion Daily META Bull 2X Shares, Direxion Daily MSFT Bull 2X Shares (formerly Direxion Daily MSFT Bull 1.5X Shares), Direxion Daily MU Bull 2X Shares, Direxion Daily NFLX Bull 2X Shares, Direxion Daily NVDA Bull 2X Shares (formerly Direxion Daily NVDA Bull 1.5X Shares), Direxion Daily TSLA Bull 2X Shares (formerly Direxion Daily TSLA Bull 1.5X Shares), Direxion Daily TSM Bull 2X Shares, Direxion Daily CSI 300 China A Share Bull 2X Shares, Direxion Daily CSI China Internet Index Bull 2X Shares, Direxion Daily S&P 500^® Bull 2X Shares, Direxion Daily MSCI Brazil Bull 2X Shares, Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares Direxion Daily MSCI India Bull 2X Shares, Daily AI and Big Data Bull 2X Shares, Direxion Daily AI and Big Data Bear 2X Shares, Direxion Daily Cloud Computing Bull 2X Shares, Direxion Daily Crypto Industry Bull 2X Shares, Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares, Direxion Daily Energy Bull 2X Shares, Direxion Daily Energy Bear 2X Shares, Direxion Daily Gold Miners Index Bull 2X Shares, Direxion Daily Gold Miners Index Bear 2X Shares, Direxion Daily Junior Gold Miners Index Bull 2X Shares, Direxion Daily Junior Gold Miners Index Bear 2X Shares, Direxion Daily Magnificent 7 Bull 2X Shares (formerly Direxion Daily Concentrated Qs Bull 2X Shares), Direxion Daily NYSE FANG+ Bull 2X Shares, Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares, Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares, Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares, Direxion Daily Travel & Vacation Bull 2X Shares, Direxion Daily Uranium Industry Bull 2X Shares, and the Board of Trustees of Direxion Shares ETF Trust.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Direxion Daily S&P 500^® Bear 1X Shares, Direxion Daily AAPL Bear 1X Shares, Direxion Daily AMZN Bear 1X Shares, Direxion Daily AVGO Bear 1X Shares, Direxion Daily GOOGL Bear 1X Shares, Direxion Daily META Bear 1X Shares, Direxion Daily MSFT Bear 1X Shares, Direxion Daily MU Bear 1X Shares, Direxion Daily NFLX Bear 1X Shares, Direxion Daily NVDA Bear 1X Shares, Direxion Daily TSLA Bear 1X Shares, Direxion Daily TSM Bear 1X Shares, Direxion Daily Crypto Industry Bear 1X Shares, Direxion Daily Magnificent 7 Bear 1X Shares (formerly Direxion Daily Concentrated Qs Bear 1X Shares), Direxion Daily AAPL Bull 2X Shares (formerly Direxion Daily AAPL Bull 1.5X Shares), Direxion Daily AMZN Bull 2X Shares (formerly Direxion Daily AMZN Bull 1.5X Shares), Direxion Daily AVGO Bull 2X Shares, Direxion Daily GOOGL Bull 2X Shares (formerly Direxion Daily GOOGL Bull 1.5X Shares), Direxion Daily META Bull 2X Shares, Direxion Daily MSFT Bull 2X Shares (formerly Direxion Daily MSFT Bull 1.5X Shares), Direxion Daily MU Bull 2X Shares, Direxion Daily NFLX Bull 2X Shares, Direxion Daily NVDA Bull 2X Shares (formerly Direxion Daily NVDA Bull 1.5X Shares), Direxion Daily TSLA Bull 2X Shares (formerly Direxion Daily TSLA Bull 1.5X Shares), Direxion Daily TSM Bull 2X Shares, Direxion Daily CSI 300 China A Share Bull 2X Shares, Direxion Daily CSI China Internet Index Bull 2X Shares, Direxion Daily S&P 500^® Bull 2X Shares, Direxion Daily MSCI Brazil Bull 2X Shares, Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares Direxion Daily MSCI India Bull 2X Shares, Daily AI and Big Data Bull 2X Shares, Direxion Daily AI and Big Data Bear 2X Shares, Direxion Daily Cloud Computing Bull 2X Shares, Direxion Daily Crypto Industry Bull 2X Shares, Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares, Direxion Daily Energy Bull 2X Shares, Direxion Daily Energy Bear 2X Shares, Direxion Daily Gold Miners Index Bull 2X Shares, Direxion Daily Gold Miners Index Bear 2X Shares, Direxion Daily Junior Gold Miners Index Bull 2X Shares, Direxion Daily Junior Gold Miners Index Bear 2X Shares, Direxion Daily Magnificent 7 Bull 2X Shares (formerly Direxion Daily Concentrated Qs Bull 2X Shares), Direxion Daily NYSE FANG+ Bull 2X Shares, Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares, Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares, Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares, Direxion Daily Travel & Vacation Bull 2X Shares, Direxion Daily Uranium Industry Bull 2X Shares (collectively referred to as the “Funds”), (49 of the funds constituting Direxion Shares ETF Trust (the “Trust”)), including the schedules of investments, as of October 31, 2024, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred

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to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (49 of the funds constituting Direxion Shares ETF Trust) at October 31, 2024, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual Fund Constituting the Direxion Shares ETF Trust			Statement of Operations			Statements of Changes in Net Assets			Financial Highlights
Direxion Daily S&P 500® Bear 1X Shares Direxion Daily CSI 300 China A Share Bull 2X Shares Direxion Daily CSI China Internet Index Bull 2X Shares Direxion Daily S&P 500® Bull 2X Shares Direxion Daily MSCI Brazil Bull 2X Shares Direxion Daily MSCI India Bull 2X Shares Direxion Daily Energy Bull 2X Shares Direxion Daily Energy Bear 2X Shares Direxion Daily Gold Miners Index Bull 2X Shares Direxion Daily Gold Miners Index Bear 2X Shares Direxion Daily Junior Gold Miners Index Bull 2X Shares Direxion Daily Junior Gold Miners Index Bear 2X Shares Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			For the year ended October 31, 2024			For each of the two years in the period ended October 31, 2024			For each of the five years in the period ended October 31, 2024
Direxion Daily Cloud Computing Bull 2X Shares			For the year ended October 31, 2024			For each of the two years in the period ended October 31, 2024			For each of the three years in the period ended October 31, 2024 and the period from January 8, 2021 (commencement of operations) through October 31, 2021
Direxion Daily NYSE FANG+ Bull 2X Shares			For the year ended October 31, 2024			For each of the two years in the period ended October 31, 2024			For each of the three years in the period ended October 31, 2024 and the period from September 30, 2021 (commencement of operations) through October 31, 2021
Direxion Daily Travel & Vacation Bull 2X Shares			For the year ended October 31, 2024			For each of the two years in the period ended October 31, 2024			For each of the three years in the period ended October 31, 2024 and the period from June 10, 2021 (commencement of operations) through October 31, 2021

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Individual Fund Constituting the Direxion Shares ETF Trust			Statement of Operations			Statements of Changes in Net Assets			Financial Highlights
Direxion Daily AAPL Bear 1X Shares Direxion Daily TSLA Bear 1X Shares Direxion Daily AAPL Bull 2X Shares (formerly Direxion Daily AAPL Bull 1.5X Shares) Direxion Daily TSLA Bull 2X Shares (formerly Direxion Daily TSLA Bull 1.5X Shares)			For the year ended October 31, 2024			For each of the two years in the period ended October 31, 2024			For each of the two years in the period ended October 31, 2024 and the period from August 9, 2022 (commencement of operations) through October 31, 2022
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			For the year ended October 31, 2024			For each of the two years in the period ended October 31, 2024			For each of the two years in the period ended October 31, 2024 and the period from August 11, 2022 (commencement of operations) through October 31, 2022
Direxion Daily AMZN Bear 1X Shares Direxion Daily GOOGL Bear 1X Shares Direxion Daily MSFT Bear 1X Shares Direxion Daily AMZN Bull 2X Shares (formerly Direxion Daily AMZN Bull 1.5X Shares) Direxion Daily GOOGL Bull 2X Shares (formerly Direxion Daily GOOGL Bull 1.5X Shares) Direxion Daily MSFT Bull 2X Shares (formerly Direxion Daily MSFT Bull 1.5X Shares)			For the year ended October 31, 2024			For each of the two years in the period ended October 31, 2024			For each of the two years in the period ended October 31, 2024 and the period from September 7, 2022 (commencement of operations) through October 31, 2022
Direxion Daily NVDA Bear 1X Shares Direxion Daily NVDA Bull 2X Shares (formerly Direxion Daily NVDA Bear 1.5X Shares)			For the year ended October 31, 2024			For the year ended October 31, 2024 and the period from September 13, 2023 (commencement of operations) through October 31, 2023
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			For the period from February 7, 2024 (commencement of operations) through October 31, 2024
Direxion Daily Magnificent 7 Bull 2X Shares Direxion Daily Magnificent 7 Bear 1X Shares			For the period from March 7, 2024 (commencement of operations) through October 31, 2024
Direxion Daily AI and Big Data Bull 2X Shares Direxion Daily AI and Big Data Bear 2X Shares			For the period from May 15, 2024 (commencement of operations) through October 31, 2024
Direxion Daily META Bull 2X Shares Direxion Daily META Bear 1X Shares			For the period from June 5, 2024 (commencement of operations) through October 31, 2024
Direxion Daily Uranium Industry Bull 2X Shares			For the period from June 26, 2024 (commencement of operations) through October 31, 2024
Direxion Daily Crypto Industry Bear 1X Shares Direxion Daily Crypto Industry Bull 2X Shares			For the period from July 17, 2024 (commencement of operations) through October 31, 2024
Direxion Daily TSM Bull 2X Shares Direxion Daily TSM Bear 1X Shares Direxion Daily NFLX Bull 2X Shares Direxion Daily NFLX Bear 1X Shares			For the period from October 3, 2024 (commencement of operations) through October31, 2024
Direxion Daily MU Bull 2X shares Direxion Daily MU Bear 1X Shares Direxion Daily AVGO Bull 2X Shares Direxion Daily AVGO Bear 1X Shares			For the period from October 10, 2024 (commencement of operations) through October 31, 2024

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Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

We have served as the auditor of one or more of the Direxion investment companies since 2001.

Minneapolis, Minnesota

December 23, 2024

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BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

Investment Advisory Agreement Approval

Consistent with the Investment Company Act of 1940, as amended (the “1940 Act”), the Board of Trustees (the “Board”) of the Direxion Shares ETF Trust (the “ETF Trust”) annually considers the renewal of the Investment Advisory Agreement (the “Agreement”) between Rafferty Asset Management, LLC (the “Adviser”) and the ETF Trust, on behalf of the Direxion Daily S&P 500^® Bear 1X Shares, Direxion Daily AAPL Bear 1X Shares, Direxion Daily AMZN Bear 1X Shares, Direxion Daily GOOGL Bear 1X Shares, Direxion Daily MSFT Bear 1X Shares, Direxion Daily NVDA Bear 1X Shares, Direxion Daily TSLA Bear 1X Shares, Direxion Daily AAPL Bull 2X Shares, Direxion Daily AMZN Bull 2X Shares, Direxion Daily GOOGL Bull 2X Shares, Direxion Daily MSFT Bull 2X Shares, Direxion Daily NVDA Bull 2X Shares, Direxion Daily TSLA Bull 2X Shares, Direxion Daily CSI 300 China A Share Bull 2X Shares, Direxion Daily CSI China Internet Index Bull 2X Shares, Direxion Daily S&P 500^® Bull 2X Shares, Direxion Daily MSCI Brazil Bull 2X Shares, Direxion Daily MSCI India Bull 2X Shares, Direxion Daily Cloud Computing Bull 2X Shares, Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares, Direxion Daily Energy Bull 2X Shares, Direxion Daily Energy Bear 2X Shares, Direxion Daily Global Clean Energy Bull 2X Shares, Direxion Daily Gold Miners Index Bull 2X Shares, Direxion Daily Gold Miners Index Bear 2X Shares, Direxion Daily Junior Gold Miners Index Bull 2X Shares, Direxion Daily Junior Gold Miners Index Bear 2X Shares, Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares, Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares, Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares, Direxion Daily NYSE FANG+ Bull 2X Shares, and the Direxion Daily Travel & Vacation Bull 2X Shares, each a series of the ETF Trust. The Agreement is initially approved for each series for a two-year period and must be renewed yearly thereafter to remain in effect. Each series of the ETF Trust is referred to herein as a “Fund” and collectively as the “Funds.”

At a meeting held on August 22, 2024, the Board, including those members of the Board (“Trustees”) who are not “interested persons” of the ETF Trust, as defined in the 1940 Act (the “Independent Trustees”), unanimously approved the renewal of the Agreement on behalf of the Funds. The Independent Trustees had previously considered information pertaining to the renewal of the Agreement outside the presence of the Adviser’s representatives and Fund management in executive sessions held on August 8, 2024 and August 22, 2024. The Board, including the Independent Trustees, determined that the terms of the Agreement for each Fund were fair and reasonable and that the renewal of the Agreement would be in the best interests of each Fund’s shareholders.

In considering whether to renew the Agreement, the Board requested, and the Adviser provided, information that the Board and Adviser believed to be reasonably necessary to evaluate the Agreement. Among other information, the Board obtained and reviewed the following:

• Information regarding the advisory services provided by the Adviser to each Fund;

• The investment objectives of each Fund, which require daily rebalancing and the utilization of complex financial instruments that are not typical of traditional index-tracking exchange-traded funds (“ETFs”);

• The level of attention and services required by the Adviser due to the frequent and large trading activity in the various Funds;

• Information regarding the professional qualifications of the Adviser’s management team and those employees primarily responsible for providing services to the Funds;

• Information regarding each Fund’s contractual advisory fee rate for the prior fiscal year;

• Information regarding advisory fees earned and waivers made by the Adviser in connection with providing services to each Fund for the two prior fiscal years and fiscal year to date or since inception, if shorter;

• Information regarding the services provided by and the fees paid to the Adviser under the Management Services Agreement for the prior year as separate and distinct from the fees paid and the services provided under the Agreement;

• Fund performance information, including in terms of tracking error relative to the underlying index or single security, as applicable, both on a statistical and model basis;

• Comparative industry fee data, including peer group comparisons, which the Adviser has expanded to reflect the growing number of peers;

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• Information regarding the costs investors would incur if they sought to implement independently the Funds’ strategies within their personal portfolios;

• The Adviser’s Form ADV; and

• Information regarding the consolidated financial condition and profitability of the Adviser, including how economies of scale are shared with the Funds through reimbursements and waivers, including breakpoints.

The Board considered that, with respect to most Funds, they had also received information relevant to their annual review of the Agreement since each Fund’s inception and, most recently, throughout the past year at executive sessions and regular Board meetings in connection with their routine oversight of the Funds. In this regard, the Trustees noted that they receive at least quarterly reports on the Funds’ performance and information bearing on the Adviser’s and Funds’ regulatory compliance. In addition, the Board received a memorandum from counsel regarding its responsibilities with respect to the approval of the Agreement and participated in a question-and-answer session with representatives of the Adviser. The Board carefully evaluated the relevant information, and the Independent Trustees were advised by independent legal counsel with respect to their deliberations.

For each Fund, the Board considered, among other matters, the following factors to the extent applicable: (1) the nature, extent, and quality of the services provided by the Adviser; (2) the investment performance; (3) the profitability of the Fund and the advisory business to the Adviser; (4) the extent to which economies of scale might be realized as the Fund grows and to which the advisory fee rate reflects any economies of scale for the benefit of the Fund’s shareholders; (5) how the Agreement compares in terms of services and fees with contracts entered into by Adviser’s competitors with Peer Funds (as defined below); and (6) other benefits derived or anticipated to be derived by the Adviser from its relationship with the Fund. The Board did not identify any particular information that was determinative to its approval of the Agreement, and each Trustee may have afforded different weight to different factors.

Nature, Extent and Quality of Services Provided. The Board reviewed, among other matters, the Adviser’s business, assets under management, financial resources and capitalization, quality and quantity of personnel, investment and related experience, the variety and complexity of its investment strategies, brokerage practices, the adequacy of its risk and compliance systems and processes, and its reinvestment in each of these areas of the business. The Board reviewed the scope of services provided, and to be provided, by the Adviser under the Agreement and noted there would be no significant differences between the scope of services provided by the Adviser in the past year and those to be provided in the upcoming year. The Board considered the Adviser’s representation to the Board that it would continue to provide services that are of materially the same quality as the services that have been provided to the Funds in the past, and it considered whether those services remain appropriate in scope and extent in light of the Funds’ operations and the competitive and regulatory landscape.

The Board focused on the quality of the Adviser’s personnel, operations, systems and processes required to manage the Funds effectively, noting that such personnel, systems and processes have been consistently enhanced over time and may not be present at other investment advisers. The Board considered, as applicable: (1) the Adviser’s success in achieving each Fund’s daily leveraged investment objective; (2) differences between managing leveraged and non-leveraged portfolios, which include developing index optimization, representative sampling and tax-conscious investment strategies as well as specialized agreements and skills for trading and monitoring complex financial instruments; (3) information regarding the Adviser’s management, including risk management, of derivatives trading activities on behalf of the Funds, including the selection of swap counterparties and the negotiation of favorable swap contract terms; (4) the Adviser’s ability to manage the Funds in a tax efficient manner; (5) the Adviser’s adherence to its and the Funds’ compliance policies and procedures; and (6) the size, professional experience and skills of the Adviser’s portfolio management staff and the Adviser’s ability to recruit, train, and retain personnel with the relevant experience and expertise necessary to manage the Funds. The Board considered that the Adviser oversees all aspects of the operation of the Funds.

Comparison of Advisory Services and Fees. The Board considered the fairness and reasonableness of the investment advisory fee rate payable to the Adviser by each Fund in light of the investment advisory services provided by the Adviser. In this regard, the Board considered the ability of investors to achieve independently the investment objectives of the Funds and the costs to investors of seeking to do so by utilizing a margin account or other means. To this end, the Board reviewed information provided by the Adviser comparing the cost for shareholders to replicate the Funds’ leveraged and inverse investment strategies by other means. The Board noted that in past years an independent

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consultant (the “Consultant”) had reviewed such cost comparison information and determined the methodology used to be unbiased and comprehensive and to constitute a sound and objective approach to conducting a cost comparison analysis. The Board concluded that it would be time- and resource-intensive for an investor to implement independently any Fund’s investment strategy. The Board also concluded that doing so would likely be cost-prohibitive. From this perspective, the Board noted the cost effectiveness for investors investing in and trading the Funds to seek to achieve their stated investment objectives.

The Board further considered the fairness and reasonableness of the investment advisory fee rate payable to the Adviser by each Fund in light of fee rates paid by other investment companies offering strategies similar in nature to the Fund. In this regard, the Board reviewed information prepared by the Adviser, using data provided by Morningstar, Inc., to compare the Funds’ advisory fee rates, and gross and net expense ratios with those of other ETFs that have a similar asset size, investment objective and, if applicable, industry focus (“Peer Group”). The Board noted that in past years the Consultant had reviewed the Adviser’s Peer Group selection methodology and each then-operational Fund’s resulting Peer Group and determined that the methodology was reasonable, well-documented, transparent, repeatable and well within industry standards. The Board noted the historic difficulty in compiling a broad and diverse Peer Group for the Funds because, by design, each Fund is unique and, therefore, few (if any) fund complexes have funds with substantially similar investment objectives and operations. They observed, however, that regulatory changes since 2020, including the adoption by the U.S. Securities and Exchange Commission (“SEC”) of an ETF rule, have resulted in more ETF sponsors operating and offering leveraged, inverse and single stock strategies, and that this development allows the Board to consider information from somewhat broader Peer Groups for the Funds than in the past.

The Board noted that the comparison reports included the contractual advisory fee rate and the net and gross expense ratios for each Fund and each fund in its Peer Group (“Peer Funds”). With respect to the Funds, the Board observed the similarity of the contractual advisory fee rates and the net and gross total expense ratios charged by the Funds and their Peer Funds. The Board considered that the Adviser had agreed to limit the total expenses of the Funds (subject to certain exclusions) for the next year by contractually agreeing to pay certain expenses of the Funds under a separate Operating Expense Limitation Agreement. Additionally, the Board considered that the Adviser had agreed to breakpoints in its investment advisory fee rate schedule at various average annual net asset levels for the Funds under the Advisory Fee Waiver Agreement.

Performance of the Funds. In evaluating the performance of the Funds, the Board considered the extent to which the Funds tracked the daily leveraged or inverse performance of their underlying index or single security, as applicable. To evaluate the Funds’ tracking of their underlying indices or single securities, the Trustees reviewed two measures of tracking error – namely, the correlation of each Fund’s returns to model returns for the periods ending June 30, 2024 and June 30, 2023, or since inception if a Fund did not have two full years of operations (“Tracking Difference”), and the standard deviation of daily Tracking Differences (“Statistical Tracking Error”). They also reviewed a tracking analysis provided by the Adviser. The Board also considered the total return of each Fund for the one-year period ended June 30, 2024, or since inception, if shorter. The Board considered reports provided to it in anticipation of the August 8 executive session and the August 22 executive session and meeting, as well as performance reports provided at regular Board meetings throughout the year. The Board noted that each Fund’s Tracking Difference was generally within expected ranges, particularly in light of higher interest rates, which contributed to larger Tracking Differences. The Board considered that, given the investment objectives of the Funds, the correlation of each such Fund’s performance with the model performance and/or Statistical Tracking Error may be regarded as more meaningful indicia of the quality of the Adviser’s management services than a Fund’s total return, but observed that certain Funds’ total returns were high, including where not highly correlated with the model return.

Costs of Services Provided to the Funds and Profits Realized by the Adviser. The Board reviewed information regarding the profitability of the Funds to the Adviser based on the fee rates payable under the Agreement. The Board considered the profitability of each Fund to the Adviser and the overall profitability of the Funds to the Adviser, as reflected in the Adviser’s profitability analysis. In reviewing these materials, the Board considered information provided by the Adviser concerning the methodology it used to allocate various expenses. The Board considered that the Consultant had previously reviewed the profitability information provided by the Adviser and concluded that the Adviser’s methodology for assessing and presenting its profitability annually is transparent and consistent year to year. The Board considered that the Consultant had characterized the materials requested by and provided to the Board as extensive, thoughtful and robust, and providing a reasonable basis for the Board’s deliberations. Against this

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background, the Board considered that, for the 2024 contract review process, the materials presented by the Adviser to the Board, including the Adviser’s methodology and presentation of profitability, were consistent with the materials evaluated by the Consultant.

In order to assess the reasonableness of the profitability of each Fund and the ETF Trust to the Adviser, the Board considered significant drivers of cost for the Adviser, including, but not limited to, its acceptance of entrepreneurial risk, its expenditure of intellectual capital, its dedication of personnel resources to daily portfolio management activities, such as creation and redemption activity and the daily rebalancing of their portfolios), regulatory compliance and risk mitigation. The Board also reviewed a report provided by the Adviser on the profitability of publicly-held financial services firms with material asset management businesses. In weighing this information, which was compiled by the Adviser using SEC filings and other publicly available documents, the Board considered that, according to the Consultant, the profitability of closely held advisers, such as the Adviser can vary significantly from the profitability of diversified financial services companies, such as those included in the Adviser’s materials for several reasons. For example, to the extent such information is even available, it is often affected by numerous factors, including the nature of a firm’s investor and fund shareholder base, the structure of the adviser and its tax status, the types of funds it manages, its business mix, assumptions regarding allocations and the reporting of operating profits and net income (net rather than gross of distribution and marketing expenses). For these reasons, the Board recognized that it is difficult to assess the reasonableness of the Adviser’s profitability by comparing it to the profitability of publicly reporting investment advisory firms. Further, the Board considered that the assets under management (“AUM”) in the Funds and the Adviser’s annual profitability may be more variable than the AUM and profitability of other advisers in light of the tactical nature of the strategies pursued by most of the Funds and in light of other advisers having more diversified financial services business lines.

Economies of Scale. The Board considered the Adviser’s advisory fee schedule for each Fund as set forth in the Agreement and, when applicable, modified by the breakpoints included in the Advisory Fee Waiver Agreement. The Board considered that the Advisory Fee Waiver Agreement results in several of the Funds, including the largest Funds, paying reduced advisory fee rates and that the Advisory Fee Waiver Agreement applies to most of the Funds in the ETF Trust. The Board also considered Rafferty’s explanation as to why the breakpoints in the Advisory Fee Waiver Agreement are appropriate and allow the Funds to share in economies of scale. In this regard, among other information, the Board considered the fee schedule breakpoints, if any, of the Peer Funds. The Board considered that a report that examined the Adviser’s approach to sharing economies of scale with the Funds had previously been provided by the Consultant and that that report indicated that breakpoints are not ubiquitous in the fund industry, particularly among ETFs. The Board further considered that, according to the report, many funds (including ETFs) that do have breakpoints in their advisory fee schedules do not achieve sufficient asset levels for the breakpoints to actually reduce the advisory fee rates. In this regard, the Board noted that the breakpoints in the Advisory Fee Waiver Agreement reduce the advisory fee rate charged to Funds with respect to assets in excess of only $1.5 billion in average annual net assets and further reduce the advisory fee rate until they reach $4.5 billion in average annual net assets.

Other Benefits. The Board considered indirect and “fall-out” benefits that the Adviser or its affiliates may derive from their relationship to the Funds. In this regard, the Board noted that the Funds pay a fee to the Adviser under the Management Services Agreement and such payment is a fall-out benefit. Another benefit to the Adviser of the Funds is the Adviser’s ability to leverage its investment management personnel or infrastructure to manage other accounts.

Conclusion. Based on, but not limited to, the above considerations, the Board, including the Independent Trustees, determined that the Agreement for the Funds was fair and reasonable in light of the nature, extent and quality of the services to be performed, the fee rates to be paid, the Adviser’s expenses and profitability, the ability of various Funds to share in potential economies of scale, and such other matters as the Board considered relevant in the exercise of its business judgment. Accordingly, the Board concluded that the continuation of the Agreement was in the best interests of the Funds and their shareholders. On this basis, the Board voted in favor of the renewal of the Agreement with respect to each Fund.

185

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BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)(Continued)

New Fund Investment Advisory Agreement Approval

Provided below is a summary of certain of the factors the Board of Trustees (the “Board”) of the Direxion Shares ETF Trust (the “Trust”), including the trustees who are not “interested persons” as defined in the Investment Company Act of 1940, (the “Independent Trustees”), considered in approving the Investment Advisory Agreement (the “Agreement”) between Rafferty Asset Management, LLC (the “Adviser”) and the Trust, on behalf of the Direxion Daily AVGO Bear 1X Shares, Direxion Daily AVGO Bull 2X Shares, Direxion Daily MU Bear 1X Shares, Direxion Daily MU Bull 2X Shares, Direxion Daily NFLX Bear 1X Shares, Direxion Daily NFLX Bull 2X Shares, Direxion Daily TSM Bear 1X Shares and Direxion Daily TSM Bull 2X Shares at the August 22, 2024 meeting, the Direxion Daily META Bull 2X Shares at the May 15, 2024 meeting, the Direxion Daily Uranium Industry Bull 2X Shares, Direxion Daily AI and Big Data Bear 2X Shares and Direxion Daily AI and Big Data Bull 2X Shares at the November 17, 2023 meeting and the Direxion Daily META Bear 1X Shares, Direxion Daily Crypto Industry Bear 1X Shares and Direxion Daily Crypto Industry Bull 2X Shares at the August 24, 2023 meeting, each a series of the Trust. Each series of the Trust listed above is referred to herein as a “Fund” and collectively as the “Funds.” The Direxion Daily AVGO Bear 1X Shares, Direxion Daily AVGO Bull 2X Shares, Direxion Daily META Bear 1X Shares, Direxion Daily META Bull 2X Shares, Direxion Daily MU Bear 1X Shares, Direxion Daily MU Bull 2X Shares, Direxion Daily NFLX Bear 1X Shares, Direxion Daily NFLX Bull 2X Shares, Direxion Daily TSM Bear 1X Shares and Direxion Daily TSM Bull 2X Shares are each a “Single Stock ETF” and together are the “Single Stock ETFs.” The Board, including the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940 Act, as amended (the “Independent Trustees”), unanimously approved the Agreement on behalf of the Funds. The Board, including the Independent Trustees, determined that the terms of the Agreement for the Funds were fair and reasonable and in the best interests of shareholders.

For each Fund, the Board considered, among other matters, the following factors to the extent applicable: (1) the nature, extent, and quality of the services to be provided by the Adviser to the Fund; (2) the projected profitability to the Adviser of the Fund based upon the services to be provided; (3) the extent to which economies of scale might be realized as the Fund grows; (4) the fees proposed for the Fund and whether fee levels reflect economies of scale, if any, for the benefit of the Fund’s shareholders; (5) a comparison of the services to be provided and the fees to be charged to the Fund with the services provided and fees charged by other exchange-traded fund (“ETF”) sponsors to ETFs with similar strategies (“Peer Funds”); and (6) other benefits anticipated to be derived and identified by the Adviser from its relationship with the Fund. The Board did not identify any particular information that was most relevant to its consideration to approve the Agreement with respect to each Fund, and each Trustee may have afforded different weight or importance to different factors.

Nature, Extent and Quality of Services Provided. The Board considered the nature, extent and quality of the services to be provided under the Agreement by the Adviser, including in light of each Fund seeking investment returns that provide leveraged or inverse (leveraged) exposure to an underlying index or a single security, as applicable. For each Single Stock ETF, the Board considered the Adviser’s process for identifying appropriate single securities for the Funds, including based on their liquidity, volatility, trading volumes and underlying company’s market capitalization. The Board also considered the narrowness of each Single Stock ETF’s market exposure, the likelihood of it impacting the Fund’s ability to issue and redeem creation units and the concurrent nature of trading in the Fund’s shares and the single security’s shares under applicable stock exchange listing rules. The Board considered that each Single Stock ETF is actively-managed and invests primarily in swap contracts with swap counterparties to pursue its strategy.

Based on written materials received, a presentation from senior representatives of the Adviser and a discussion with the Adviser regarding its personnel, operations and financial condition, the Board considered the quality of the services to be provided by the Adviser under the Agreement. In this regard, the Board considered information regarding the experience, qualifications and professional background of the portfolio managers and other personnel at the Adviser with principal responsibility for the Funds, as well as the capacity and integrity of the Adviser’s senior management and staff. The Board noted that the Adviser has provided services to the ETF Trust since its inception date and has developed an expertise in managing funds with investment strategies that trade significant amounts of derivatives, including swap contracts. The Board considered the Adviser’s compliance history and compliance program, as well as its representation that it has the financial resources and appropriate staffing to manage the Funds and to meet its fee waiver and expense obligations to them. The Board considered that the Adviser will oversee all aspects of the Funds’ operation, including oversight of the Funds’ service providers, and provide compliance services to the Funds. The Board observed that

186

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BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)(Continued)

because the Funds had not commenced operations, they did not have any performance history. Under the totality of the circumstances, the Board determined, in the exercise of its business judgment, that the nature, extent and quality of the services to be provided by the Adviser to the Funds under the Agreement were fair and reasonable.

Costs of Services Provided to the New Funds and Profits Realized. The Board considered the fairness and reasonableness of the investment advisory fee rates to be paid to the Adviser by the Funds in light of the investment advisory services to be provided by the Adviser. The Board considered the fees to be paid to the Adviser on an annual basis, including as limited by the Operating Expense Limitation Agreement. The Board considered that the proposed advisory fee rate and net expense ratio for each Fund were similar to those of Peer Funds and to those of other series of the Trust that pursue similar investment objectives and implement similar investment strategies. The Board also considered that, on behalf of each leveraged Fund, the Adviser manages more than the Fund’s net assets due to the leveraged exposure.

The Board considered the overall profitability of the Adviser’s investment business and, because the Funds had not commenced operations and the Adviser had no profit data related to the Funds, the Board considered a break-even analysis provided by the Adviser for the Funds. The Board considered the significant drivers of cost for the Adviser including, but not limited to, intellectual capital, portfolio rebalancing, regulatory compliance, and entrepreneurial risk. Based on these considerations, the Board determined that, in the exercise of its reasonable business judgment, the costs of the services to be provided and any profits that may be realized under the Agreement were not excessive.

Economies of Scale. The Board considered whether economies of scale may be realized by each Fund as it grows larger and the extent to which any such economies are reflected in contractual fee rates. In this regard, the Board considered the potential impact of the Advisory Fee Waiver Agreement on the Funds, which is designed to impose breakpoints on the advisory fee rate paid to the Adviser with respect to each Fund. Noting that the Funds had not yet commenced operations and did not yet have any assets, however, the Board concluded that economies of scale were not a material factor for the Board to consider in approving the agreement.

Other Benefits. The Board considered the Adviser’s representations that its relationship with the Funds may enable it to attract assets to other funds. The Board also considered that the Adviser’s overall business with brokerage firms may allow it to negotiate lower commission rates and get better execution for all of its portfolio trades. Based on these and other considerations, including the fact that the Adviser does not manage any client accounts other than the various series of the Trust, the Board determined that such benefits to the Adviser would likely not be material and, overall, would be reasonable.

Conclusion. Following the above considerations, the Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors. The Board reviewed a memorandum from counsel discussing the legal standards applicable to its consideration of the Agreement. Based on its review, including consideration of each of the factors referenced above, and its consideration of information received throughout the year from the Adviser regarding the Adviser’s operations and quality of service, the Board determined, in the exercise of its business judgment, that the advisory arrangements, as outlined in the Agreement, were fair and reasonable in light of the services to be performed, expenses to be incurred and such other matters as the Board considered relevant. Accordingly, the Board, including the Independent Trustees, unanimously approved the Agreement on behalf of the Funds.

187

Direxion Shares ETF Trust

Supplemental Information (Unaudited)

Federal Tax Status of Dividends Declared during the Tax Year

For Federal income tax purposes, dividends from short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction (“DRD”), the individual qualified dividend rate (“QDI”), the qualified interest income rate (“QII”), and the qualified short-term gain rate (“QSTG”) is presented below.

Funds			DRD			QDI			QII			QSTG
Direxion Daily S&P 500® Bear 1X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily AAPL Bear 1X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily AMZN Bear 1X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily AVGO Bear 1X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily GOOGL Bear 1X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily META Bear 1X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily MSFT Bear 1X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily MU Bear 1X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily NFLX Bear 1X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily NVDA Bear 1X Shares			0.00%			0.00%			0.00%			2.73%
Direxion Daily TSLA Bear 1X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily TSM Bear 1X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily Crypto Industry Bear 1X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily Magnificent 7 Bear 1X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily AAPL Bull 2X Shares			0.27%			0.27%			0.00%			0.00%
Direxion Daily AMZN Bull 2X Shares			0.00%			0.00%			0.00%			16.06%
Direxion Daily AVGO Bull 2X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily GOOGL Bull 2X Shares			0.51%			0.51%			0.00%			0.00%
Direxion Daily META Bull 2X Shares			1.19%			1.19%			0.00%			0.00%
Direxion Daily MSFT Bull 2X Shares			1.00%			1.00%			0.00%			0.00%
Direxion Daily MU Bull 2X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily NFLX Bull 2X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily NVDA Bull 2X Shares			0.01%			0.01%			0.00%			0.00%
Direxion Daily TSLA Bull 2X Shares			0.00%			0.00%			0.00%			30.65%
Direxion Daily TSM Bull 2X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily CSI 300 China A Share Bull 2X Shares			29.71%			29.71%			0.00%			0.00%
Direxion Daily CSI China Internet Index Bull 2X Shares			31.01%			31.01%			0.00%			0.00%
Direxion Daily S&P 500® Bull 2X Shares			16.09%			16.09%			0.00%			0.00%
Direxion Daily MSCI Brazil Bull 2X Shares			61.97%			61.97%			0.00%			0.00%
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares			4.89%			4.89%			0.00%			0.00%
Direxion Daily MSCI India Bull X Shares			0.27%			0.27%			0.00%			0.00%
Direxion Daily AI and Big Data Bull 2X Shares			9.09%			9.09%			0.00%			0.00%
Direxion Daily AI and Big Data Bull Bear 2X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily Cloud Computing Bull 2X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily Crypto Industry Bull 2X Shares			5.81%			5.81%			0.00%			0.00%
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares			6.24%			6.24%			0.00%			0.00%
Direxion Daily Energy Bull 2X Shares			86.76%			86.76%			0.00%			0.00%
Direxion Daily Energy Bear 2X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily Gold Miners Index Bull 2X Shares			36.47%			36.74%			0.00%			0.00%
Direxion Daily Gold Miners Index Bear 2X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily Junior Gold Miners Index Bull 2X Shares			11.30%			11.30%			0.00%			0.00%
Direxion Daily Junior Gold Miners Index Bear 2X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily Magnificent 7 Bull 2X Shares			0.83%			0.83%			0.00%			13.54%

188

Direxion Shares ETF Trust

Supplemental Information (Unaudited)

Funds			DRD			QDI			QII			QSTG
Direxion Daily NYSE FANG+ Bull 2X Shares			9.90%			9.90%			0.00%			0.00%
Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares			6.85%			6.85%			0.00%			0.00%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares			57.95%			57.95%			0.00%			0.00%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily Travel & Vacation Bull 2X Shares			77.90%			77.90%			0.00%			0.00%
Direxion Daily Uranium Industry Bull 2X Shares			0.17%			0.17%			0.00%			0.00%

The Funds are designating as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2024. To the extent necessary to fully distribute such capital gain, the Funds also designate earnings and profits distributed to shareholders on the redemption of shares.

189

 

Table of Contents

			Page
Schedules of Investments			1
Statements of Assets and Liabilities			109
Statements of Operations			119
Statements of Changes in Net Assets			129
Financial Highlights			149
Notes to the Financial Statements			157
Report of Independent Registered Public Accounting Firm			194
Basis for Approval of Investment Advisory Agreement (Unaudited)			197
Supplemental Information (Unaudited)			201

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 77.7%
			Accommodation — 1.0%
1,521			Boyd Gaming Corp.			$105,390
501			Choice Hotels International, Inc.(b)			69,895
1,414			Hilton Grand Vacations, Inc.(a)			52,148
993			Hyatt Hotels Corp.			144,432
4,617			Park Hotels & Resorts, Inc.			64,130
1,541			Travel + Leisure Co.			73,675
831			Vail Resorts, Inc.			137,688
1,745			Wyndham Hotels & Resorts, Inc.			154,119
						801,477
			Administrative and Support Services — 0.8%
1,049			ManpowerGroup, Inc.			65,930
1,360			MasTec, Inc.(a)			167,130
4,072			RB Global, Inc. ADR			345,061
3,129			Warner Music Group Corp.			100,003
						678,124
			Air Transportation — 0.2%
14,513			American Airlines Group, Inc.(a)(b)			194,474
			Ambulatory Health Care Services — 0.4%
2,052			Acadia Healthcare Company, Inc.(a)			87,600
721			Amedisys, Inc.(a)			68,206
562			Medpace Holdings, Inc.(a)			176,592
						332,398
			Apparel Manufacturing — 0.4%
2,603			Capri Holdings Ltd. ADR(a)(b)			51,383
725			Columbia Sportswear Co.(b)			58,341
1,234			PVH Corp.			121,500
4,173			Under Armour, Inc. Class A(a)(b)			35,679
2,862			Under Armour, Inc. Class C(a)			22,610
						289,513
			Beverage and Tobacco Product Manufacturing — 0.2%
196			Boston Beer Co., Inc. Class A(a)			57,050
129			Coca-Cola Consolidated, Inc.			145,029
						202,079
			Broadcasting and Content Providers — 0.4%
670			Nexstar Media Group, Inc.			117,867
1,468			TKO Group Holdings, Inc.(a)			171,418
						289,285
			Building Material and Garden Equipment and Supplies Dealers — 0.1%
1,252			Knife River Corp.(a)			121,845
			Chemical Manufacturing — 4.0%
23,766			Arcadium Lithium PLC ADR(a)			128,099
2,748			Arrowhead Pharmaceuticals, Inc.(a)(b)			52,844

The accompanying notes are an integral part of these financial statements.

1

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Chemical Manufacturing — (Continued)
1,079			Ashland, Inc.			$91,251
2,018			Avient Corp.			94,059
4,207			BioMarin Pharmaceutical, Inc.(a)			277,199
1,211			Cabot Corp.			130,582
8,055			Coty, Inc. Class A(a)			59,929
2,799			Halozyme Therapeutics, Inc.(a)			141,545
1,365			Jazz Pharmaceuticals PLC ADR (Ireland)(a)			150,191
1,534			Lantheus Holdings, Inc.(a)			168,495
2,232			Neurocrine Biosciences, Inc.(a)			268,443
170			NewMarket Corp.			89,245
2,596			Olin Corp.			106,514
3,014			Perrigo Co. PLC ADR (Ireland)			77,249
1,151			Repligen Corp.(a)			154,545
9,642			Roivant Sciences Ltd. ADR (Ireland)(a)(b)			111,365
2,846			RPM International, Inc.			361,755
2,108			Sarepta Therapeutics, Inc.(a)			265,608
942			Scotts Miracle-Gro Co.			81,935
3,299			The Chemours Co.			59,910
983			United Therapeutics Corp.(a)			367,612
738			Westlake Chemical Corp.			97,372
						3,335,747
			Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 0.4%
1,130			Abercrombie & Fitch Co. Class A(a)			148,923
798			Carter’s, Inc.			43,650
4,890			Gap, Inc.			101,565
2,134			Nordstrom, Inc.			48,250
						342,388
			Computer and Electronic Product Manufacturing — 3.6%
2,504			Amkor Technology, Inc.			63,727
424			Bio-Rad Laboratories, Inc.(a)			151,872
2,443			Bruker Corp.			138,298
1,181			Cirrus Logic, Inc.(a)			129,697
3,790			Cognex Corp.			152,472
1,319			Dolby Laboratories, Inc.			96,155
799			Fabrinet ADR(a)			192,535
3,520			Illumina, Inc.(a)			507,373
2,616			Iridium Communications, Inc.			76,727
3,045			Lattice Semiconductor Corp.(a)			154,260
1,200			LivaNova PLC ADR (United Kingdom)(a)			61,944
1,501			Lumentum Holdings, Inc.(a)(b)			95,869
1,276			MACOM Technology Solutions Holdings, Inc.(a)			143,422
976			Masimo Corp.(a)			140,554
1,487			MKS Instruments, Inc.			147,704
1,256			Power Integrations, Inc.			75,900
2,379			Rambus, Inc.(a)			113,764

The accompanying notes are an integral part of these financial statements.

2

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Computer and Electronic Product Manufacturing — (Continued)
3,335			Sensata Technologies Holdings PLC ADR (United Kingdom)			$114,524
2,124			Teradata Corp.(a)			68,456
975			Universal Display Corp.			175,812
2,507			Vishay Intertechnology, Inc.			42,519
3,397			Vontier Corp.			125,961
						2,969,545
			Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 2.0%
3,435			Allegro MicroSystems, Inc.(a)			71,586
990			ASGN, Inc.(a)			91,179
3,387			Coherent Corp.(a)			313,094
1,040			Concentrix Corp.			44,210
3,567			ExlService Holdings, Inc.(a)			148,637
5,110			Kyndryl Holdings, Inc.(a)			116,968
794			Novanta, Inc. ADR (Canada)(a)			135,171
1,091			Onto Innovation, Inc.(a)			216,378
6,828			Pure Storage, Inc.(a)			341,741
908			WEX, Inc.(a)			156,721
						1,635,685
			Construction of Buildings — 1.2%
15,024			Avantor, Inc.(a)			336,087
1,593			KB Home			125,051
2,304			Taylor Morrison Home Corp.(a)			157,824
2,269			Toll Brothers, Inc.			332,272
						951,234
			Credit Intermediation and Related Activities — 4.5%
6,059			Ally Financial, Inc.			212,368
3,282			Associated Banc-Corp.			77,915
2,332			Bank OZK			102,025
4,032			Cadence Bank			134,790
4,629			Columbia Banking System, Inc.			131,973
2,593			Commerce Bancshares, Inc.			162,062
3,063			East West Bancorp, Inc.			298,612
933			Euronet Worldwide, Inc.(a)			91,873
7,947			F.N.B. Corp.			115,231
2,842			First Financial Bankshares, Inc.			102,710
11,843			First Horizon National Corp.			205,239
6,586			Flagstar Financial, Inc.			66,650
1,907			Hancock Whitney Corp.			99,317
1,182			International Bancshares Corp.			72,409
7,049			Old National Bancorp			135,764
1,692			Pinnacle Financial Partners, Inc.			178,421
2,105			Prosperity Bancshares, Inc.			154,086
3,182			Synovus Financial Corp.			158,686

The accompanying notes are an integral part of these financial statements.

3

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Credit Intermediation and Related Activities — (Continued)
1,021			Texas Capital Bancshares, Inc.(a)			$78,566
980			UMB Financial Corp.			107,535
2,982			United Bankshares, Inc.			112,362
9,453			Valley National Bancorp			89,520
3,788			Webster Financial Corp.			196,218
2,403			Western Alliance Bancorp			199,954
7,464			Western Union Co.			80,313
1,469			Wintrust Financial Corp.			170,242
3,264			Zions Bancorp			169,924
						3,704,765
			Educational Services — 0.5%
828			Duolingo, Inc.(a)			242,579
76			Graham Holdings Co. Class B			64,091
642			Grand Canyon Education, Inc.(a)			88,025
						394,695
			Electrical Equipment, Appliance, and Component Manufacturing — 1.0%
680			Acuity Brands, Inc.			204,469
606			IPG Photonics Corp.(a)			49,062
548			Littelfuse, Inc.			134,057
1,470			Regal Rexnord Corp.			244,814
873			Synaptics, Inc.(a)			59,949
1,213			Whirlpool Corp.			125,558
						817,909
			Fabricated Metal Product Manufacturing — 2.1%
4,847			Axalta Coating Systems Ltd. ADR(a)			183,798
2,020			BWX Technologies, Inc.			245,935
929			Chart Industries, Inc.(a)			112,149
2,634			Crown Holdings, Inc.			246,411
846			Curtiss-Wright Corp.			291,836
642			RBC Bearings, Inc.(a)			179,985
1,793			Silgan Holdings, Inc.			92,770
1,411			Timken Co.			117,113
446			Valmont Industries, Inc.			139,009
606			Watts Water Technologies, Inc.			115,497
						1,724,503
			Food and Beverage Retailers — 1.2%
3,451			Celsius Holdings, Inc.(a)			103,806
3,444			Performance Food Group Co.(a)			279,825
2,212			Sprouts Farmers Market, Inc.(a)			284,087
5,405			Us Foods Holding Corp.(a)			333,218
						1,000,936
			Food Manufacturing — 0.6%
4,328			Flowers Foods, Inc.			96,211
1,439			Ingredion, Inc.			191,042

The accompanying notes are an integral part of these financial statements.

4

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Food Manufacturing — (Continued)
426			Lancaster Colony Corp.			$73,953
891			Pilgrim’s Pride Corp.(a)			​43,160
1,046			Post Holdings, Inc.(a)			114,234
						518,600
			Food Services and Drinking Places — 1.5%
820			Casey’s General Stores, Inc.			323,096
1,353			Manhattan Associates, Inc.(a)			356,326
1,473			Texas Roadhouse, Inc.			281,520
3,773			Wendy’s Co.(b)			72,102
647			Wingstop, Inc.			186,136
						1,219,180
			Forestry and Logging — 0.1%
2,963			Rayonier, Inc.			92,534
			Funds, Trusts, and Other Financial Vehicles — 1.5%
2,219			Agree Realty Corp.			164,761
11,072			Annaly Capital Management, Inc.			210,478
4,647			Carlyle Group, Inc.			232,489
1,075			EastGroup Properties, Inc.			184,126
2,924			First Industrial Realty Trust, Inc.			153,481
8,022			Healthcare Realty Trust, Inc.			137,818
2,181			SEI Investments Co.			163,051
						1,246,204
			Furniture, Home Furnishings, Electronics, and Appliance Retailers — 1.1%
2,368			Floor & Decor Holdings, Inc. Class A(a)(b)			244,022
8,571			GameStop Corp. Class A(a)			190,105
331			RH(a)			105,275
2,843			Williams-Sonoma, Inc.(b)			381,332
						920,734
			General Merchandise Retailers — 1.5%
2,856			BellRing Brands, Inc.(a)			188,011
2,933			BJ’s Wholesale Club Holdings, Inc.(a)			248,513
1,395			Burlington Stores, Inc.(a)			345,639
1,246			e.l.f. Beauty, Inc.(a)			131,142
860			FirstCash Holdings, Inc.			88,984
1,217			Five Below, Inc.(a)			115,359
6,108			Macy’s, Inc.			93,697
						1,211,345
			Health and Personal Care Retailers — 0.9%
2,766			Doximity, Inc. Class A(a)			115,453
1,234			Enovis Corp.(a)			50,927
3,800			Envista Holdings Corp.(a)			79,686
3,780			Option Care Health, Inc.(a)			87,091
858			Penumbra, Inc.(a)			196,370

The accompanying notes are an integral part of these financial statements.

5

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Health and Personal Care Retailers — (Continued)
1,869			Planet Fitness, Inc. Class A(a)			$146,754
3,452			R1 RCM, Inc.(a)			​49,226
3,380			Sotera Health Co.(a)			52,965
						778,472
			Heavy and Civil Engineering Construction — 0.5%
4,263			Core & Main, Inc.(a)			188,766
2,940			KBR, Inc.			197,009
						385,775
			Hospitals — 0.7%
2,224			Encompass Health Corp.			221,199
2,118			Tenet Healthcare Corp.(a)			328,332
						549,531
			Insurance Carriers and Related Activities — 4.1%
1,595			American Financial Group, Inc.			205,643
1,343			Brighthouse Financial, Inc.(a)			63,524
2,338			CNO Financial Group, Inc.			80,427
7,067			Equitable Holdings, Inc.			320,418
2,348			Essent Group Ltd. ADR			140,903
2,273			First American Financial Corp.			145,813
796			Hanover Insurance Group, Inc.			118,071
1,339			Kemper Corp.			83,380
489			Kinsale Capital Group, Inc.			209,346
5,729			MGIC Investment Corp.			143,454
5,255			Old Republic International Corp.			183,557
748			Primerica, Inc.			207,054
1,456			Reinsurance Group of America, Inc.			307,333
1,153			RenaissanceRe Holdings Ltd. ADR			302,547
920			RLI Corp.			143,492
2,260			Ryan Specialty Holdings, Inc.			148,866
1,345			Selective Insurance Group, Inc.			122,153
3,777			Unum Group			242,408
2,173			Voya Financial, Inc.			174,492
						3,342,881
			Leather and Allied Product Manufacturing — 0.4%
1,312			Crocs, Inc.(a)			141,460
2,929			Skechers U.S.A., Inc.(a)			180,016
						321,476
			Machinery Manufacturing — 3.5%
1,487			AAON, Inc.			169,845
1,370			AGCO Corp.			136,781
901			Belden, Inc.			102,597
1,081			Brooks Automation, Inc.(a)			44,418
1,463			Brunswick Corp.			116,660
1,074			Crane Company			168,919

The accompanying notes are an integral part of these financial statements.

6

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Machinery Manufacturing — (Continued)
1,086			Crane NXT Co.			$58,937
2,661			Donaldson Co., Inc.			​194,679
889			EnerSys			86,108
1,256			Esab Corp.			154,538
2,903			Flowserve Corp.			152,814
3,733			Graco, Inc.			304,053
1,806			ITT, Inc.			253,057
1,253			Lincoln Electric Holdings, Inc.			241,278
1,188			Middleby Corp.(a)			154,084
8,701			NOV, Inc.			134,952
1,439			Oshkosh Corp.			147,123
1,479			Terex Corp.			76,479
2,295			Toro Co.(a)			184,702
						2,882,024
			Management of Companies and Enterprises — 1.0%
19,395			CNH Industrial NV ADR			217,806
1,416			Cullen/Frost Bankers, Inc.			180,328
2,506			Glacier Bancorp, Inc.			130,688
4,104			Home Bancshares, Inc.			111,998
1,684			South State Corp.			164,240
						805,060
			Merchant Wholesalers, Durable Goods — 2.9%
848			Applied Industrial Technologies, Inc.			196,388
1,170			Arrow Electronics, Inc.(a)			138,844
1,948			Avnet, Inc.			105,601
4,210			ChampionX Corp.			118,806
2,743			Fortune Brands Innovations, Inc.			228,574
1,807			Hexcel Corp.			106,053
3,587			Jefferies Financial Group, Inc.			229,496
709			Lennox International, Inc.			427,222
993			MSC Industrial Direct Co., Inc.			78,517
1,681			TD SYNNEX Corp.			193,904
769			Watsco, Inc.(b)			363,745
989			WESCO International, Inc.			189,858
						2,377,008
			Merchant Wholesalers, Nondurable Goods — 0.2%
3,585			HF Sinclair Corp.			138,417
			Miscellaneous Manufacturing — 1.2%
4,480			Dentsply Sirona, Inc.			103,802
2,497			Globus Medical, Inc.(a)			183,629
1,131			Haemonetics Corp.(a)			80,482
1,961			Light & Wonder, Inc. Class A(a)			183,903
7,511			Mattel, Inc.(a)			153,074
870			MSA Safety, Inc.			144,376

The accompanying notes are an integral part of these financial statements.

7

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Miscellaneous Manufacturing — (Continued)
4,358			Neogen Corp.(a)			$62,232
1,871			YETI Holdings, Inc.(a)			65,878
						977,376
			Motor Vehicle and Parts Dealers — 0.4%
579			AutoNation, Inc.(a)			90,017
412			Murphy USA, Inc.			201,241
413			Penske Automotive Group, Inc.			62,186
						353,444
			Nonmetallic Mineral Product Manufacturing — 0.7%
743			Eagle Materials, Inc.			212,097
1,922			Owens Corning			339,790
						551,887
			Nursing and Residential Care Facilities — 0.2%
1,250			The Ensign Group, Inc.			193,737
			Oil and Gas Extraction — 1.9%
6,461			Antero Resources Corp.(a)			167,211
1,368			Chord Energy Corp.			171,137
3,342			CNX Resources Corp.(a)			113,728
4,577			Expand Energy Corp.(b)			387,763
2,565			Matador Resources Co.			133,662
3,134			Murphy Oil Corp.			98,658
1,253			ONE Gas, Inc.			89,301
5,349			Range Resources Corp.			160,631
2,250			Viper Energy, Inc.			116,775
1,617			Weatherford International PLC ADR			127,743
						1,566,609
			Paper Manufacturing — 0.4%
6,632			Graphic Packaging Holding Company			187,420
1,587			PotlatchDeltic Corp.			65,972
2,171			Sonoco Products Co.			114,021
						367,413
			Performing Arts, Spectator Sports, and Related Industries — 0.3%
1,623			Churchill Downs, Inc.			227,382
			Personal and Laundry Services — 0.3%
3,218			Service Corporation International			262,750
			Petroleum and Coal Products Manufacturing — 0.6%
1,019			Carlisle Cos., Inc.			430,252
2,201			PBF Energy, Inc.			62,773
						493,025

The accompanying notes are an integral part of these financial statements.

8

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Pipeline Transportation — 0.3%
2,146			DT Midstream, Inc.			$193,462
1,999			PNM Resources, Inc.			87,036
						280,498
			Plastics and Rubber Products Manufacturing — 0.9%
1,558			Advanced Drainage Systems, Inc.			233,513
1,466			AptarGroup, Inc.			246,156
2,533			Berry Plastics Group, Inc.			178,450
6,298			Goodyear Tire & Rubber Co.(a)			50,447
						708,566
			Primary Metal Manufacturing — 1.2%
5,709			Alcoa Corp.			228,874
2,541			Commercial Metals Co.			136,706
1,215			Reliance, Inc.			347,903
714			Silicon Laboratories, Inc.(a)			74,156
4,945			United States Steel Corp.			192,113
						979,752
			Printing and Related Support Activities — 0.2%
14,024			Permian Resources Corp.			191,147
			Professional, Scientific, and Technical Services — 3.8%
2,963			AECOM			316,448
588			Aspen Technology, Inc.(a)			138,021
493			CACI International, Inc. Class A(a)			272,412
3,175			Ciena Corp.(a)			201,644
2,600			Cytokinetics, Inc.(a)			132,600
6,304			Exelixis, Inc.(a)			209,293
1,121			Exponent, Inc.			105,800
3,785			Fluor Corp.(a)			197,880
780			FTI Consulting, Inc.(a)			152,162
3,622			Genpact Ltd. ADR			138,252
3,084			H&R Block, Inc.			184,207
788			Insperity, Inc.			62,071
1,329			Maximus, Inc.			114,879
1,032			Parsons Corp.(a)			111,621
957			Paylocity Holding Corp.(a)			176,634
1,133			Science Applications International Corp.			163,481
932			Simpson Manufacturing Co., Inc.			167,564
5,911			Tetra Tech, Inc.			288,930
						3,133,899
			Publishing Industries — 2.2%
1,313			Altair Engineering, Inc.(a)(b)			136,539
508			Appfolio, Inc.(a)			105,598
882			Blackbaud, Inc.(a)			66,600
966			CommVault Systems, Inc.(a)			150,880

The accompanying notes are an integral part of these financial statements.

9

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Publishing Industries — (Continued)
4,510			DocuSign, Inc.(a)			$312,904
5,243			Dropbox, Inc. Class A(a)			135,532
6,584			Dynatrace, Inc.(a)			354,219
3,171			NEXTracker, Inc.(a)			126,269
814			Qualys, Inc.(a)			97,061
1,276			Spire, Inc.			81,485
3,612			The New York Times Co. Class A			201,694
6,378			ZoomInfo Technologies, Inc.(a)			70,477
						1,839,258
			Real Estate — 4.5%
6,954			American Homes 4 Rent			245,059
6,659			Brixmor Property Group, Inc.			179,460
2,484			Corporate Office Properties Trust			79,985
3,362			Cousins Properties, Inc.			102,978
1,673			EPR Properties			75,904
4,122			Equity Lifestyle Properties, Inc.			289,035
6,064			Gaming & Leisure Properties, Inc.(b)			304,352
4,967			Independence Realty Trust, Inc.			97,453
1,049			Jones Lang LaSalle, Inc.(a)			284,237
2,335			Kilroy Realty Corp.			93,914
4,855			Kite Realty Group Trust			124,628
1,942			Lamar Advertising Co.			256,344
713			Marriott Vacations Worldwide Corp.			54,922
4,059			National Retail Properties, Inc.			176,323
1,544			National Storage Affiliates Trust			65,080
5,699			Omega Healthcare Investors, Inc.			242,036
4,841			Rexford Industrial Realty, Inc.			207,630
5,178			Sabra Health Care REIT, Inc.			100,453
4,025			Stag Industrial, Inc.			150,052
7,016			Starwood Property Trust, Inc.			138,496
3,663			Vornado Realty Trust			151,685
4,836			WP Carey, Inc.			269,462
						3,689,488
			Religious, Grantmaking, Civic, Professional, and Similar Organizations — 0.2%
1,923			HealthEquity, Inc.(a)			163,936
			Rental and Leasing Services — 0.3%
379			Avis Budget Group, Inc.(b)			31,457
786			GATX Corp.			108,279
957			Ryder System, Inc.			139,990
						279,726
			Repair and Maintenance — 0.1%
2,848			Valvoline, Inc.(a)			114,717

The accompanying notes are an integral part of these financial statements.

10

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 3.4%
659			Affiliated Managers Group, Inc.			$127,780
5,822			Aramark Corp.			220,246
333			Chemed Corporation			179,900
788			Evercore, Inc. Class A			208,166
1,740			Federated Investors, Inc. Class B			69,826
5,741			Fidelity National Financial, inc.			345,436
896			Hamilton Lane, Inc.			160,958
1,174			Houlihan Lokey, Inc.			202,832
2,405			Interactive Brokers Group, Inc. Class A			366,955
2,816			Janus Henderson Group PLC ADR (United Kingdom)			116,329
597			Morningstar, Inc.			195,846
3,673			nVent Electric PLC ADR (Ireland)			273,896
4,806			SLM Corp.			105,876
2,265			Stifel Financial Corp.			234,699
						2,808,745
			Specialty Trade Contractors — 1.2%
786			Comfort Systems USA, Inc.			307,358
1,031			EMCOR Group, Inc.			459,898
663			TopBuild Corp.(a)			234,291
						1,001,547
			Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers — 0.5%
1,280			Dick’s Sporting Goods, Inc.			250,560
1,352			Ollie’s Bargain Outlet Holdings, Inc.(a)			124,154
						374,714
			Support Activities for Mining — 1.0%
2,000			Civitas Resources, Inc.			97,580
10,344			Cleveland-Cliffs, Inc.(a)			134,265
5,836			Ovintiv, Inc.			228,771
1,453			Royal Gold, Inc.			212,225
1,330			Southwest Gas Holdings, Inc.			97,423
1,472			Valaris Ltd. ADR(a)			74,483
						844,747
			Support Activities for Transportation — 0.7%
2,640			GXO Logistics, Inc.(a)			157,899
975			The Brink’s Co.			100,220
2,572			XPO, Inc.(a)			335,723
						593,842
			Telecommunications — 0.2%
4,888			Frontier Communications Parent, Inc.(a)			174,648
			Textile Product Mills — 0.2%
3,838			Tempur Sealy International, Inc.			183,879

The accompanying notes are an integral part of these financial statements.

11

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Transportation Equipment Manufacturing — 1.2%
1,616			Autoliv, Inc.			$150,094
5,088			Gentex Corp.			154,217
2,618			Harley-Davidson, Inc.			83,645
1,243			Lear Corp.			119,029
1,159			Polaris Industries, Inc.			81,026
1,176			Thor Industries, Inc.			122,398
611			Visteon Corp.(a)			55,143
1,319			Woodward, Inc.			216,435
						981,987
			Truck Transportation — 0.8%
3,577			Knight-Swift Transportation Holdings, Inc. Class A			186,290
591			Lithia Motors, Inc. Class A			196,430
588			Saia, Inc.(a)			287,303
						670,023
			Utilities — 2.3%
1,276			ALLETE, Inc.			81,549
7,445			Antero Midstream Corporation			106,985
1,541			Black Hills Corp.			91,212
5,564			Essential Utilities, Inc.			214,770
1,177			IDACORP, Inc.			121,796
2,019			National Fuel Gas Co.			122,210
2,191			New Jersey Resources Corp.			100,545
1,354			NorthWestern Corp.			72,385
4,439			OGE Energy Corp.			177,515
1,188			Ormat Technologies, Inc.			93,876
2,278			Portland General Electric Co.			107,977
416			Texas Pacific Land Corp.			485,056
4,744			UGI Corp.			113,429
						1,889,305
			Warehousing and Storage — 0.5%
4,976			CubeSmart			238,052
784			Landstar System, Inc.			137,803
						375,855
			Waste Management and Remediation Services — 0.6%
1,121			Clean Harbors, Inc.(a)			259,242
3,515			Darling International, Inc.(a)			137,472
2,051			Stericycle, Inc.(a)			126,075
						522,789
			Water Transportation — 0.2%
1,280			Kirby Corp.(a)			146,893
			Wood Product Manufacturing — 0.7%
570			Greif, Inc.			35,591
1,382			Louisiana-Pacific Corp.			136,680

The accompanying notes are an integral part of these financial statements.

12

Direxion Daily Mid Cap Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Wood Product Manufacturing — (Continued)
2,402			Trex Company, Inc.(a)			$170,182
1,346			UFP Industries, Inc.			164,670
						507,123
			TOTAL COMMON STOCKS (Cost $61,490,969)			$64,026,550
			SHORT TERM INVESTMENTS — 25.5%
			Money Market Funds — 25.5%
7,059,251			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$7,059,251
13,886,020			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			13,886,020
			TOTAL SHORT TERM INVESTMENTS (Cost $20,945,271)			$20,945,271
			TOTAL INVESTMENTS (Cost $82,436,240) — 103.2%(e)			$ 84,971,821
			Liabilities in Excess of Other Assets — (3.2)%			(2,600,526)
			TOTAL NET ASSETS — 100.0%			$82,371,295

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $68,654,411.

ADR - American Depository Receipt

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of S&P MidCap 400® Index

5.6200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

15,455

$45,746,509

$1,466,676

Total return of S&P MidCap 400® Index

5.5700% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

16,068

45,579,897

3,168,404

Total return of S&P MidCap 400® Index

5.5200% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

12,251

33,243,663

3,495,254

Total return of S&P MidCap 400® Index

5.4700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

15,326

43,178,778

3,075,619

$ 167,748,847

$11,205,953

The accompanying notes are an integral part of these financial statements.

13

Direxion Daily S&P 500^® Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 69.7%
			Accommodation — 0.3%
31,168			Airbnb, Inc. Class A(a)			$4,201,135
17,455			Hilton Worldwide Holdings, Inc.			4,099,307
49,763			Host Hotels & Resorts, Inc.			857,914
25,044			Las Vegas Sands Corp.			1,298,531
16,557			Marriott International, Inc. Class A			4,305,151
16,367			MGM Resorts International(a)			603,451
6,635			Wynn Resorts Ltd.			637,093
						16,002,582
			Administrative and Support Services — 2.0%
6,183			Allegion PLC ADR (Ireland)			863,332
102,399			Amcor PLC ADR (United Kingdom)			1,139,701
8,873			Amentum Holdings, Inc.(a)			263,883
6,947			Ameriprise Financial, Inc.			3,545,054
28,891			Automatic Data Processing, Inc.			8,356,433
2,383			Booking Holdings, Inc.			11,143,504
8,259			Broadridge Financial Solutions, Inc.			1,741,493
4,929			Corpay, Inc.(a)			1,625,190
8,775			Equifax, Inc.			2,325,550
2,688			FactSet Research System, Inc.			1,220,513
5,463			Gartner, Inc.(a)			2,745,158
20,783			Iron Mountain, Inc.			2,571,481
11,095			Live Nation Entertainment, Inc.(a)			1,299,668
18,271			Match Group, Inc.(a)			658,304
11,094			Moody’s Corp.			5,037,120
19,907			Rollins, Inc.			938,416
16,789			Royal Caribbean Cruises Ltd. ADR (Liberia)			3,464,410
148,862			Uber Technologies, Inc.(a)			10,725,507
118,359			Visa, Inc. Class A			34,306,356
25,876			Waste Management, Inc.			5,585,335
						99,556,408
			Air Transportation — 0.1%
45,434			Delta Air Lines, Inc.			2,599,734
42,452			Southwest Airlines Co.			1,298,182
23,300			United Continental Holdings, Inc.(a)			1,823,458
						5,721,374
			Ambulatory Health Care Services — 0.1%
3,275			DaVita, Inc.(a)			457,878
5,948			Labcorp Holdings, Inc.			1,357,750
4,157			Molina Healthcare, Inc.(a)			1,335,312
7,897			Quest Diagnostics, Inc.			1,222,692
84,559			Viatris, Inc.			980,884
						5,354,516
			Amusement, Gambling, and Recreation Industries — 0.2%
128,504			The Walt Disney Co.			12,362,085

The accompanying notes are an integral part of these financial statements.

14

Direxion Daily S&P 500^® Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Apparel Manufacturing — 0.1%
24,271			Cintas Corp.			$4,995,214
10,792			Deckers Outdoor Corp.(a)			1,736,325
2,844			Ralph Lauren Corp.			562,913
						7,294,452
			Beverage and Tobacco Product Manufacturing — 0.9%
120,894			Altria Group, Inc.			6,583,887
11,100			Constellation Brands, Inc. Class A			2,578,974
79,763			Keurig Dr Pepper, Inc.			2,628,191
12,440			Molson Coors Brewing Co. Class B			677,607
49,977			Monster Beverage Corp.(a)			2,632,789
97,317			PepsiCo, Inc.			16,162,407
110,170			Philip Morris International, Inc.			14,619,559
						45,883,414
			Broadcasting and Content Providers — 0.3%
6,873			Charter Communications, Inc.(a)(b)			2,251,663
273,707			Comcast Corp. Class A			11,952,785
15,927			FOX Corp. Class A			668,934
9,347			FOX Corp. Class B			364,159
42,132			Paramount Global Class B(b)			460,924
158,100			Warner Bros Discovery, Inc.(a)(b)			1,285,353
						16,983,818
			Building Material and Garden Equipment and Supplies Dealers — 0.8%
40,372			Lowe’s Companies, Inc.			10,570,601
3,737			Snap-on, Inc.			1,233,696
70,267			The Home Depot, Inc.			27,667,631
7,642			Tractor Supply Co.			2,029,027
						41,500,955
			Chemical Manufacturing — 4.9%
125,155			AbbVie, Inc.			25,515,350
15,747			Air Products & Chemicals, Inc.			4,889,916
8,337			Albemarle Corp.(b)			789,764
38,077			Amgen, Inc.			12,190,732
10,313			Biogen, Inc.(a)			1,794,462
11,158			Bio-Techne Corp.			822,903
143,656			Bristol-Myers Squibb Co.			8,011,695
12,817			Catalent, Inc.(a)			751,076
7,738			Celanese Corp.(b)			974,756
12,782			CF Industries Holdings, Inc.			1,051,064
17,351			Church & Dwight Co., Inc.			1,733,538
8,784			Clorox Co.			1,392,703
57,885			Colgate-Palmolive Co.			5,424,403
29,586			DuPont de Nemours, Inc.			2,455,342
8,293			Eastman Chemical Co.			871,511
17,935			Ecolab, Inc.			4,407,168

The accompanying notes are an integral part of these financial statements.

15

Direxion Daily S&P 500^® Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Chemical Manufacturing — (Continued)
55,899			Eli Lilly & Co.			$46,381,636
8,847			FMC Corp.			574,967
88,214			Gilead Sciences, Inc.			7,835,168
11,333			Incyte Corp.(a)			840,002
40,680			IntercontinentalExchange, Inc.			6,340,792
18,122			International Flavors & Fragrances, Inc.			1,801,871
135,699			Kenvue, Inc.			3,111,578
23,859			Kimberly-Clark Corp.			3,201,401
34,056			Linde PLC ADR (Ireland)			15,534,644
18,417			LyondellBasell Industries N.V. Class A ADR (Netherlands)			1,599,516
179,596			Merck & Co., Inc.			18,376,263
22,572			Mosaic Co.			604,027
401,500			Pfizer, Inc.			11,362,450
16,534			PPG Industries, Inc.			2,058,648
166,789			Procter & Gamble Co.			27,550,207
7,526			Regeneron Pharmaceuticals, Inc.(a)			6,308,293
18,285			Vertex Pharmaceuticals, Inc.(a)			8,703,294
32,105			Zoetis, Inc.			5,739,732
						241,000,872
			Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 0.3%
8,144			Lululemon Athletica, Inc.(a)			2,426,098
23,642			Ross Stores, Inc.			3,303,260
80,081			TJX Companies, Inc.			9,051,555
						14,780,913
			Computer and Electronic Product Manufacturing — 18.2%
114,672			Advanced Micro Devices, Inc.(a)			16,520,795
20,680			Agilent Technologies, Inc.			2,694,811
415,122			Alphabet, Inc.			71,031,525
340,313			Alphabet, Inc. Class C			58,768,652
16,412			AMETEK, Inc.			3,008,976
85,325			Amphenol Corp. Class A			5,718,482
35,161			Analog Devices, Inc.			7,844,771
1,077,268			Apple, Inc.			243,365,614
18,251			Arista Networks, Inc.(a)			7,052,916
329,812			Broadcom, Inc.			55,992,183
285,460			Cisco Systems, Inc.			15,634,644
45,535			Danaher Corp.			11,186,128
20,381			Dell Technologies, Inc.			2,519,703
9,605			Enphase Energy, Inc.(a)			797,599
7,587			First Solar, Inc.(a)			1,475,520
44,984			Fortinet, Inc.(a)			3,538,441
24,833			Fortive Corp.			1,773,821
32,282			GE HealthCare Technologies, Inc.			2,819,833
16,463			Hologic, Inc.(a)			1,331,363
69,329			HP, Inc.			2,462,566

The accompanying notes are an integral part of these financial statements.

16

Direxion Daily S&P 500^® Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Computer and Electronic Product Manufacturing — (Continued)
302,341			Intel Corp.			$6,506,378
65,267			International Business Machines Corp.			13,491,994
8,039			Jabil Circuit, Inc.			989,521
12,365			Keysight Technologies, Inc.(a)			1,842,509
13,449			L3Harris Technologies, Inc.			3,328,224
92,427			Lam Research Corp.			6,871,947
38,021			Microchip Technology, Inc.			2,789,601
78,563			Micron Technology, Inc.			7,828,803
3,452			Monolithic Power Systems, Inc.			2,621,104
11,825			Motorola Solutions, Inc.			5,313,564
14,556			NetApp, Inc.			1,678,452
9,741			Northrop Grumman Corp.			4,958,364
1,743,001			NVIDIA Corp.			231,400,813
18,058			NXP Semiconductors NV ADR (Netherlands)			4,234,601
30,362			ON Semiconductor Corp.(a)			2,140,217
28,383			Otis Worldwide Corp.			2,787,211
22,941			Palto Alto Networks, Inc.(a)			8,266,331
8,748			PerkinElmer, Inc.			1,037,425
6,725			Qorvo, Inc.(a)			479,223
78,931			Qualcomm, Inc.			12,847,599
7,597			Roper Technologies, Inc.			4,085,135
94,249			RTX Corp.			11,403,187
14,879			Seagate Technology Holdings PLC ADR (Ireland)			1,493,405
11,324			Skyworks Solutions, Inc.			991,756
35,596			Super Micro Computer, Inc.(a)(b)			1,036,200
3,319			Teledyne Technologies, Inc.(a)			1,511,207
11,555			Teradyne, Inc.			1,227,257
64,685			Texas Instruments, Inc.			13,141,405
27,070			Thermo Fisher Scientific, Inc.			14,788,882
17,308			Trimble, Inc.(a)			1,047,134
17,501			Veralto Corp.			1,788,427
4,208			Waters Corp.(a)			1,359,647
23,145			Western Digital Corp.(a)			1,511,600
3,662			Zebra Technologies Corp. Class A(a)			1,398,774
						893,736,240
			Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 0.2%
40,790			Fiserv, Inc.(a)			8,072,341
			Construction of Buildings — 0.2%
20,790			D.R. Horton, Inc.			3,513,510
17,116			Lennar Corp. Class A			2,914,855
227			NVR, Inc.(a)			2,077,688
14,712			PulteGroup, Inc.			1,905,645
						10,411,698

The accompanying notes are an integral part of these financial statements.

17

Direxion Daily S&P 500^® Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Couriers and Messengers — 0.2%
15,976			FedEx Corp.			$4,375,028
51,893			United Parcel Service, Inc. Class B			6,956,775
						11,331,803
			Credit Intermediation and Related Activities — 3.6%
39,797			American Express Co.			10,748,374
478,314			Bank of America Corp.			20,003,092
52,281			Bank of New York Mellon Corp.			3,939,896
27,059			Capital One Financial Corp.			4,404,935
135,186			Citigroup, Inc.			8,674,886
31,766			Citizens Financial Group, Inc.			1,337,984
17,793			Discover Financial Services			2,641,015
38,654			Fidelity National Information Services, Inc.			3,468,423
47,955			Fifth Third Bancorp			2,094,674
18,017			Global Payments, Inc.			1,868,543
102,921			Huntington Bancshares, Inc.			1,604,538
201,588			JPMorgan Chase & Co.			44,736,409
65,759			KeyCorp			1,134,343
11,836			M&T Bank Corp.			2,304,232
58,463			MasterCard, Inc. Class A			29,207,530
14,295			Northern Trust Corp.			1,436,933
28,155			PNC Financial Services Group, Inc.			5,300,742
64,841			Regions Financial Corp.			1,547,755
21,163			State Street Corp.			1,963,926
28,002			Synchrony Financial			1,544,030
94,891			Truist Financial Corp.			4,085,058
110,571			U.S. Bancorp			5,341,685
241,162			Wells Fargo & Co.			15,656,237
						175,045,240
			Electrical Equipment, Appliance, and Component Manufacturing — 0.2%
8,499			A.O. Smith Corp.			638,275
5,088			Axon Enterprise, Inc.(a)			2,154,768
40,585			Emerson Electric Co.			4,394,138
4,262			Generac Holdings, Inc.(a)			705,574
8,040			Rockwell Automation, Inc.			2,144,348
						10,037,103
			Fabricated Metal Product Manufacturing — 0.1%
21,516			Ball Corp.			1,274,823
16,824			Nucor Corp.			2,386,316
11,734			Pentair PLC ADR (Ireland)			1,163,074
10,915			Stanley Black & Decker, Inc.			1,014,440
						5,838,653
			Food and Beverage Retailers — 0.1%
47,053			Kroger Co.			2,624,146

The accompanying notes are an integral part of these financial statements.

18

Direxion Daily S&P 500^® Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Food Manufacturing — 0.8%
33,881			Archer-Daniels-Midland Co.			$1,870,570
13,965			Campbell Soup Co.			651,467
274,839			Coca-Cola Co.			17,949,735
39,440			General Mills, Inc.			2,682,709
20,600			Hormel Foods Corp.			629,330
19,014			Kellanova			1,533,479
10,180			Lamb Weston Holdings, Inc.			790,884
17,853			McCormick & Co, Inc.			1,396,819
94,644			Mondelez International, Inc.			6,481,221
10,471			The Hershey Co.			1,859,440
7,546			The J.M. Smucker Co.			856,547
62,531			The Kraft Heinz Co.			2,092,287
20,259			Tyson Foods, Inc. Class A			1,186,975
						39,981,463
			Food Services and Drinking Places — 0.7%
97,041			Chipotle Mexican Grill, Inc.(a)			5,411,977
8,398			Darden Restaurants, Inc.			1,343,848
50,832			McDonald’s Corp.			14,848,535
80,287			Starbucks Corp.			7,844,040
19,922			Yum! Brands, Inc.			2,612,969
						32,061,369
			Funds, Trusts, and Other Financial Vehicles — 0.1%
10,905			Garmin Ltd. ADR (Switzerland)			2,163,006
15,766			T. Rowe Price Group, Inc.			1,732,053
						3,895,059
			Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.0%(†)
13,914			Best Buy Co., Inc.			1,258,243
			Gasoline Stations and Fuel Dealers — 0.4%
120,516			Chevron Corp.			17,935,191
			General Merchandise Retailers — 3.8%
661,852			Amazon.com, Inc.(a)			123,369,213
31,411			Costco Wholesale Corp.			27,458,868
15,587			Dollar General Corp.			1,247,583
14,322			Dollar Tree, Inc.(a)			925,774
34,653			eBay, Inc.			1,992,894
32,774			Target Corp.			4,917,411
307,746			Walmart, Inc.			25,219,785
						185,131,528
			Health and Personal Care Retailers — 0.1%
89,129			CVS Health Corp.			5,032,223

The accompanying notes are an integral part of these financial statements.

19

Direxion Daily S&P 500^® Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Health and Personal Care Retailers — (Continued)
3,382			Ulta Beauty, Inc.(a)			$1,247,891
50,776			Walgreens Boots Alliance, Inc.(b)			480,341
						6,760,455
			Hospitals — 0.1%
13,166			HCA Healthcare, Inc.			4,723,171
4,215			Universal Health Services, Inc. Class B			861,166
						5,584,337
			Insurance Carriers and Related Activities — 3.7%
35,709			Aflac, Inc.			3,741,946
18,706			Allstate Corp.			3,489,043
45,635			American International Group, Inc.			3,462,784
26,548			Arch Capital Group Ltd. ADR(a)			2,616,571
15,533			Arthur J. Gallagher & Co.			4,367,880
3,677			Assurant, Inc.			704,881
129,795			Berkshire Hathaway, Inc. Class B(a)			58,527,161
16,785			Brown & Brown, Inc.			1,756,382
37,273			Centene Corp.(a)			2,320,617
26,624			Chubb Limited ADR (Switzerland)			7,519,683
19,813			Cigna Corp.			6,237,331
11,069			Cincinnati Financial Corp.			1,558,847
16,437			Elevance Health, Inc.			6,669,477
1,764			Erie Indemnity Co. Class A			791,754
3,062			Everest Re Group Ltd. ADR			1,088,878
6,364			Globe Life, Inc.			672,038
20,762			Hartford Financial Services Group, Inc.			2,292,955
8,529			Humana, Inc.			2,199,032
12,899			Loews Corp.			1,018,505
34,839			Marsh & McLennan Companies, Inc.			7,603,263
41,677			MetLife, Inc.			3,268,310
15,105			Principal Financial Group, Inc.			1,244,652
41,499			Progressive Corp.			10,077,202
25,306			Prudential Financial, Inc.			3,099,479
16,146			Travelers Companies, Inc.			3,970,947
65,425			UnitedHealth Group, Inc.			36,932,413
21,297			W.R. Berkley Corp.			1,217,550
7,196			Willis Towers Watson PLC ADR (Ireland)			2,174,559
						180,624,140
			Leather and Allied Product Manufacturing — 0.2%
85,136			NIKE, Inc. Class B			6,566,540
16,301			Tapestry, Inc.			773,482
						7,340,022
			Machinery Manufacturing — 1.5%
58,659			Applied Materials, Inc.			10,651,301
70,389			Baker Hughes Co.			2,680,413

The accompanying notes are an integral part of these financial statements.

20

Direxion Daily S&P 500^® Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Machinery Manufacturing — (Continued)
59,480			Carrier Global Corp.			$4,325,386
34,359			Caterpillar, Inc.			12,925,856
9,713			Cummins, Inc.			3,195,383
18,164			Deere & Co.			7,350,789
76,826			General Electric Co.			13,197,170
5,372			IDEX Corp.			1,153,046
28,579			Ingersoll Rand, Inc.			2,743,584
1,512			Mettler-Toledo International, Inc.(a)			1,953,126
3,854			Nordson Corp.			955,368
9,097			Parker Hannifin Corp.			5,768,135
15,997			Trane Technologies PLC ADR (Ireland)			5,921,449
17,219			Xylem, Inc.			2,096,930
						74,917,936
			Management of Companies and Enterprises — 0.5%
123,286			Abbott Laboratories			13,976,934
15,385			Aon PLC ADR (United Kingdom)			5,644,295
10,044			Bunge Global SA ADR (Switzerland)			843,897
31,147			Norwegian Cruise Line Holdings Ltd. ADR(a)			789,265
34,952			Smurfit WestRock PLC ADR (Ireland)			1,800,028
						23,054,419
			Merchant Wholesalers, Durable Goods — 0.6%
8,241			Builders FirstSource, Inc.(a)			1,412,507
62,042			Copart, Inc.(a)			3,193,302
40,582			Fastenal Co.(b)			3,172,701
9,864			Genuine Parts Co.			1,131,401
8,975			Henry Schein, Inc.(a)			630,314
3,805			Hubbell, Inc.			1,624,849
2,788			Huntington Ingalls Industries, Inc.			515,669
47,339			Johnson Controls International PLC ADR (Ireland)			3,576,461
9,514			KLA-Tencor Corp.			6,338,512
18,655			LKQ Corp.			686,318
3,717			Mohawk Industries, Inc.(a)			499,082
2,703			Pool Corp.			977,513
21,541			TE Connectivity ADR (Ireland) PLC			3,175,574
3,141			W.W. Grainger, Inc.			3,484,091
						30,418,294
			Merchant Wholesalers, Nondurable Goods — 0.5%
12,997			Brown Forman Corp. Class B			572,258
17,284			Cardinal Health, Inc.			1,875,660
12,359			Cencora, Inc.			2,818,841
33,944			ConAgra Brands, Inc.			982,339
2,481			Domino’s Pizza, Inc.			1,026,464
19,140			Illinois Tool Works, Inc.			4,998,028
9,196			McKesson Corp.			4,603,426

The accompanying notes are an integral part of these financial statements.

21

Direxion Daily S&P 500^® Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Merchant Wholesalers, Nondurable Goods — (Continued)
34,839			Sysco Corp.			$2,611,183
16,450			The Sherwin Williams Co.			5,901,766
						25,389,965
			Mining (except Oil and Gas) — 0.3%
101,807			Freeport-McMoRan Copper & Gold, Inc.			4,583,351
4,326			Martin Marietta Materials, Inc.			2,562,463
81,308			Newmont Corp.			3,694,636
9,356			Vulcan Materials Co.			2,562,889
						13,403,339
			Miscellaneous Manufacturing — 2.0%
38,929			3M Co.			5,001,209
4,981			Align Technology, Inc.(a)			1,021,254
36,145			Baxter International, Inc.			1,290,376
20,473			Becton, Dickinson & Co.			4,782,288
104,343			Boston Scientific Corp.(a)			8,766,899
28,395			DexCom, Inc.(a)			2,001,280
9,740			Dover Corp.			1,844,074
42,691			Edwards Lifesciences Corp.(a)			2,860,724
16,515			Estee Lauder Companies, Inc. Class A			1,138,544
9,287			Hasbro, Inc.			609,506
4,974			Insulet Corp.(a)			1,151,630
25,127			Intuitive Surgical, Inc.(a)			12,659,988
170,564			Johnson & Johnson			27,266,361
90,873			Medtronic PLC ADR (Ireland)			8,110,415
10,421			ResMed, Inc.			2,526,780
9,788			Solventum Corp.(a)			710,413
6,976			Steris PLC ADR (Ireland)			1,547,626
24,287			Stryker Corp.			8,652,972
3,341			Teleflex, Inc.			671,741
13,268			Textron, Inc.			1,067,013
14,101			The Cooper Companys, Inc.(a)			1,476,093
14,431			Zimmer Biomet Holdings, Inc.			1,542,962
						96,700,148
			Motion Picture and Sound Recording Industries — 0.5%
30,414			Netflix, Inc.(a)			22,993,896
			Motor Vehicle and Parts Dealers — 0.2%
1,213			AutoZone, Inc.(a)			3,649,917
11,057			CarMax, Inc.(a)			800,306
4,116			O’Reilly Automotive, Inc.(a)			4,746,324
						9,196,547
			National Security and International Affairs — 0.0%(†)
9,535			Leidos Holdings, Inc.			1,746,431

The accompanying notes are an integral part of these financial statements.

22

Direxion Daily S&P 500^® Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Nonmetallic Mineral Product Manufacturing — 0.1%
54,575			Corning, Inc.			$2,597,224
			Oil and Gas Extraction — 1.1%
26,213			APA Corp.			618,627
52,369			Coterra Energy, Inc.			1,252,666
44,376			Devon Energy Corp.			1,716,464
13,260			Diamondback Energy, Inc.			2,343,970
59,437			Dominion Energy, Inc.			3,538,285
40,288			EOG Resources, Inc.			4,913,524
42,086			EQT Corp.			1,537,822
314,791			Exxon Mobil Corp.			36,761,293
39,628			Marathon Oil Corp.			1,097,696
47,697			Occidental Petroleum Corp.			2,390,097
						56,170,444
			Paper Manufacturing — 0.0%(†)
6,320			Packaging Corp of America			1,446,901
			Performing Arts, Spectator Sports, and Related Industries — 0.1%
15,325			Caesars Entertainment, Inc.(a)			613,766
17,030			Electronic Arts, Inc.			2,568,976
						3,182,742
			Petroleum and Coal Products Manufacturing — 0.4%
82,281			ConocoPhillips			9,013,061
23,715			Marathon Petroleum Corp.			3,449,821
29,658			Phillips 66			3,612,937
22,710			Valero Energy Corp.			2,946,850
						19,022,669
			Pipeline Transportation — 0.1%
15,531			Targa Resources Corp.			2,593,056
86,376			Williams Companies, Inc.			4,523,511
						7,116,567
			Plastics and Rubber Products Manufacturing — 0.1%
5,694			Avery Dennison Corp.			1,178,829
5,137			West Pharmaceutical Services, Inc.			1,581,836
						2,760,665
			Primary Metal Manufacturing — 0.1%
28,915			Howmet Aerospace, Inc.			2,883,404
10,168			Steel Dynamics, Inc.			1,326,924
						4,210,328
			Professional, Scientific, and Technical Services — 3.8%
44,389			Accenture PLC Class A ADR (Ireland)			15,306,215
9,457			CDW Corp.			1,780,091
3,666			Charles River Laboratories International, Inc.(a)			654,674
35,122			Cognizant Technology Solutions Corp. Class A			2,619,750

The accompanying notes are an integral part of these financial statements.

23

Direxion Daily S&P 500^® Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Professional, Scientific, and Technical Services — (Continued)
28,198			Eaton Corporation PLC ADR (Ireland)			$9,349,893
4,044			EPAM Systems, Inc.(a)			762,901
15,006			Extra Space Storage, Inc.			2,450,480
4,135			F5 Networks, Inc.(a)			967,094
9,998			GoDaddy, Inc.(a)			1,667,666
5,837			IDEXX Laboratories, Inc.(a)			2,375,192
24,612			International Paper Co.(b)			1,366,950
26,619			Interpublic Group of Companies, Inc.			782,599
12,273			IQVIA Holdings, Inc.(a)			2,526,029
5,161			Jack Henry & Associates, Inc.			938,941
8,873			Jacobs Solutions, Inc.			1,247,366
23,323			Juniper Networks, Inc.			907,265
154,800			Meta Platforms, Inc.			87,861,384
23,957			Moderna, Inc.(a)			1,302,302
13,870			Omnicom Group, Inc.			1,400,870
113,253			Oracle Corp.			19,008,384
142,679			Palantir Technologies, Inc.(a)			5,929,739
22,719			Paychex, Inc.			3,165,438
3,446			Paycom Software, Inc.			720,317
8,511			PTC, Inc.(a)			1,577,344
14,586			ServiceNow, Inc.(a)			13,608,592
11,544			Take-Two Interactive Software, Inc.(a)			1,866,896
5,946			VeriSign, Inc.(a)			1,051,491
10,096			Verisk Analytics, Inc. Class A			2,773,573
						185,969,436
			Publishing Industries — 6.0%
31,415			Adobe, Inc.(a)			15,018,883
10,729			Akamai Technologies, Inc.(a)			1,084,487
6,201			Ansys, Inc.(a)			1,986,863
15,268			Autodesk, Inc.(a)			4,333,059
19,408			Cadence Design Systems, Inc.(a)			5,358,937
16,368			CrowdStrike Holdings, Inc.(a)			4,859,168
11,193			Dayforce, Inc.(a)			794,143
1,736			Fair Isaac Corp.(a)			3,460,039
38,371			​Gen Digital, Inc.			1,116,980
92,084			Hewlett Packard Enterprise Co.			1,794,717
19,813			Intuit, Inc.			12,091,874
526,651			Microsoft Corp.			214,004,634
26,801			News Corp. Class A			730,327
7,960			News Corp. Class B			231,158
68,659			Salesforce, Inc.			20,005,173
10,864			Synopsys, Inc.(a)			5,579,859
3,021			Tyler Technologies, Inc.(a)			1,829,487
						294,279,788

The accompanying notes are an integral part of these financial statements.

24

Direxion Daily S&P 500^® Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Rail Transportation — 0.3%
137,370			CSX Corp.			$4,621,127
43,168			Union Pacific Corp.			10,017,998
						14,639,125
			Real Estate — 1.3%
11,031			Alexandria Real Estate Equities, Inc.			1,230,508
33,094			American Tower Corp.			7,066,893
10,070			AvalonBay Communities, Inc.			2,231,613
10,288			BXP, Inc.			828,801
7,560			Camden Property Trust			875,372
21,334			CBRE Group, Inc. Class A(a)			2,794,114
30,801			Crown Castle, Inc.			3,310,800
21,797			Digital Realty Trust, Inc.			3,884,879
24,174			Equity Residential			1,701,124
4,555			Essex Property Trust, Inc.			1,292,982
5,340			Federal Realty Investment Trust			591,886
49,875			Healthpeak Properties, Inc.			1,119,694
40,364			Invitation Homes, Inc.			1,267,833
47,771			Kimco Realty Corp.			1,133,128
8,291			Mid-America Apartment Communities, Inc.			1,254,760
65,615			Prologis, Inc.			7,410,558
11,153			Public Storage			3,670,006
61,697			Realty Income Corp.			3,662,951
11,567			Regency Centers Corp.			826,347
21,711			Simon Property Group, Inc.			3,671,764
21,263			UDR, Inc.			897,086
29,273			Ventas, Inc.			1,917,089
74,198			VICI Properties, Inc.			2,356,528
41,010			Welltower, Inc.			5,531,429
51,522			Weyerhaeuser Co.			1,605,426
						62,133,571
			Rental and Leasing Services — 0.1%
4,715			United Rentals, Inc.			3,832,352
			Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 1.7%
9,859			Blackrock, Inc.			9,671,975
7,403			Cboe Global Markets, Inc.			1,581,059
105,838			Charles Schwab Corp.			7,496,505
25,511			CME Group, Inc.			5,749,159
49,663			Dow, Inc.			2,452,359
21,873			Franklin Resources, Inc.			454,302
22,383			Goldman Sachs Group, Inc.			11,589,694
31,883			Invesco Ltd. ADR			552,851
47,793			KKR & Co., Inc.			6,606,904
2,668			MarketAxess Holdings, Inc.			772,173

The accompanying notes are an integral part of these financial statements.

25

Direxion Daily S&P 500^® Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Securities, Commodity Contracts, and Other Financial Investments and Related Activities — (Continued)
88,268			Morgan Stanley			$10,261,155
5,570			MSCI, Inc. Class A			3,181,584
29,317			NASDAQ OMX Group, Inc.			2,167,113
13,134			Raymond James Financial, Inc.			1,946,721
22,678			S&P Global, Inc.			10,893,604
51,013			The Blackstone Group, Inc.			8,557,431
						83,934,589
			Specialty Trade Contractors — 0.1%
10,447			Quanta Services, Inc.			3,151,129
			Support Activities for Agriculture and Forestry — 0.1%
49,056			Corteva, Inc.			2,988,491
			Support Activities for Mining — 0.2%
62,544			Halliburton Co.			1,734,970
19,579			Hess Corp.			2,632,984
100,612			Schlumberger Ltd. ADR (Curaco)			4,031,523
						8,399,477
			Support Activities for Transportation — 0.2%
8,320			C.H. Robinson Worldwide, Inc.			857,293
8,836			Expedia, Inc.(a)			1,381,155
10,009			Expeditors International of Washington, Inc.			1,191,071
5,698			J.B. Hunt Transport Services, Inc.			1,029,173
16,026			Norfolk Southern Corp.			4,013,391
						8,472,083
			Telecommunications — 0.9%
508,033			AT&T, Inc.			11,451,064
6,731			Equinix, Inc.			6,112,286
72,441			PayPal Holdings, Inc.(a)			5,744,571
7,616			SBA Communications Corp.			1,747,644
34,724			T-Mobile US, Inc.			7,749,008
298,261			Verizon Communications, Inc.			12,565,736
						45,370,309
			Transportation Equipment Manufacturing — 2.0%
18,821			Aptiv PLC ADR (United Kingdom)(a)			1,069,597
51,705			Boeing Co.(a)			7,720,074
16,140			BorgWarner, Inc.			542,788
276,641			Ford Motor Co.			2,846,636
18,269			General Dynamics Corp.			5,327,423
79,641			General Motors Co.			4,042,577
46,144			Honeywell International, Inc.			9,490,898
15,022			Lockheed Martin Corp.			8,202,763
37,152			Paccar, Inc.			3,874,211
196,582			Tesla, Inc.(a)			49,116,013

The accompanying notes are an integral part of these financial statements.

26

Direxion Daily S&P 500^® Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Transportation Equipment Manufacturing — 2.0%
3,968			TransDigm Group, Inc.			$5,167,526
12,406			Wabtec Corp.			2,332,080
						99,732,586
			Truck Transportation — 0.1%
13,351			Old Dominion Freight Line, Inc.			2,687,823
			Utilities — 2.0%
50,378			AES Corp.			830,733
18,180			Alliant Energy Corp.			1,090,800
18,914			Ameren Corp.			1,647,599
37,704			American Electric Power Co., Inc.			3,723,270
13,816			American Water Works Co., Inc.			1,908,128
11,000			Atmos Energy Corp.(b)			1,526,580
46,181			CenterPoint Energy, Inc.			1,363,725
21,170			CMS Energy Corp.			1,473,644
24,511			Consolidated Edison, Inc.			2,492,278
22,150			Constellation Energy Corp.			5,824,564
14,677			DTE Energy Co.			1,823,177
54,701			Duke Energy Corp.			6,305,384
27,352			Edison International			2,253,805
15,156			Entergy Corp.			2,345,846
16,283			Evergy, Inc.			984,144
25,330			Eversource Energy			1,667,980
70,853			Exelon Corp.			2,784,523
36,325			FirstEnergy Corp.			1,519,475
19,475			GE Vernova, Inc.(a)			5,874,828
136,807			Kinder Morgan, Inc.			3,353,140
145,571			NextEra Energy, Inc.			11,536,502
31,780			NiSource, Inc.			1,117,385
14,613			NRG Energy, Inc.			1,321,015
41,393			ONEOK, Inc.			4,010,154
151,448			PG&E Corp.			3,062,279
8,047			Pinnacle West Capital Corp.			706,607
52,267			PPL Corp.			1,701,814
35,293			Public Service Enterprise Group, Inc.			3,155,547
44,866			Sempra Energy			3,740,478
77,481			Southern Co.			7,053,095
24,333			Vistra Corp.			3,040,652
22,402			WEC Energy Group, Inc.			2,140,063
39,499			Xcel Energy, Inc.			2,638,928
						96,018,142
			Waste Management and Remediation Services — 0.1%
14,464			Republic Services, Inc.			2,863,872

The accompanying notes are an integral part of these financial statements.

27

Direxion Daily S&P 500^® Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Water Transportation — 0.0%(†)
71,582			Carnival Corp. ADR (Panama)(a)			$1,574,804
			Web Search Portals, Libraries, Archives, and Other Information Services — 0.0%(†)
29,030			CoStar Group, Inc.(a)			2,113,094
			Wood Product Manufacturing — 0.0%(†)
15,453			Masco Corp.			1,234,849
			TOTAL COMMON STOCKS (Cost $3,290,500,635)			$3,417,834,455
			SHORT TERM INVESTMENTS — 32.6%
			Money Market Funds — 32.6%
1,003,546,450			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$1,003,546,450
32,850,808			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(c)			32,850,808
138,288			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(c)			138,288
562,744,376			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			562,744,376
			TOTAL SHORT TERM INVESTMENTS (Cost $1,599,279,922)			1,599,279,922
			TOTAL INVESTMENTS (Cost $4,889,780,557) — 102.3%(e)			$5,017,114,377
			Liabilities in Excess of Other Assets — (2.3)%			(110,409,486)
			TOTAL NET ASSETS — 100.0%			$4,906,704,891

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(†)
Less than 0.005%.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,948,558,217.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

28

Direxion Daily S&P 500^® Bull 3X Shares

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of S&P 500® Index

5.6200% representing 1 month SOFR rate + spread

BNP Paribas

12/4/2024

295,757

$1,523,209,255

$132,920,168

Total return of S&P 500® Index

5.4200% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

261,203

1,229,487,257

219,777,042

Total return of S&P 500® Index

5.5700% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

324,498

1,645,388,198

170,018,964

Total return of S&P 500® Index

5.6800% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

55,712

261,746,287

44,797,271

Total return of S&P 500® Index

5.6100% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

176,532

856,812,562

121,909,042

Total return of S&P 500® Index

5.5100% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

341,423

1,753,844,105

153,489,538

Total return of S&P 500® Index

5.6100% representing 1 month SOFR rate + spread

Barclays

12/23/2024

173,849

853,672,720

112,581,236

$ 8,124,160,384

$955,493,261

Long Futures Contracts

October 31, 2024

Reference Entity

Expiration Date

Number of Contracts

Notional Amount

Variation Margin Payable

Unrealized Appreciation

S&P 500® Index

12/20/2024

7,000

$ 2,008,475,000

$(39,725,000)

$16,603,003

The accompanying notes are an integral part of these financial statements.

29

Direxion Daily S&P 500^® Bear 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 108.7%
			Money Market Funds — 108.7%
250,965,547			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$ 250,965,547
46,312,480			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			46,312,480
32,489,584			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			32,489,584
215,472,854			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			215,472,854
			TOTAL SHORT TERM INVESTMENTS (Cost $545,240,465)(b)			$545,240,465
			TOTAL INVESTMENTS (Cost $545,240,465) — 108.7%			$ 545,240,465
			Liabilities in Excess of Other Assets — (8.7)%			(43,523,717)
			TOTAL NET ASSETS — 100.0%			$501,716,748

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $370,586,793.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

5.0200% representing 1 month SOFR rate + spread

Total return of S&P 500® Index

BNP Paribas

12/04/2024

50,467

$286,215,525

$16,766

5.2200% representing 1 month SOFR rate + spread

Total return of S&P 500® Index

Goldman Sachs

12/10/2024

26,248

133,748,005

(12,785,600)

5.3700% representing 1 month SOFR rate + spread

Total return of S&P 500® Index

Bank of America Merrill Lynch

12/11/2024

62,932

348,879,003

(6,607,507)

5.4000% representing 1 month SOFR rate + spread

Total return of S&P 500® Index

J.P. Morgan

12/16/2024

53,569

289,883,907

(11,558,885)

5.2200% representing 1 month SOFR rate + spread

Total return of S&P 500® Index

UBS Securities LLC

12/17/2024

10,815

58,940,679

(1,980,594)

5.2700% representing 1 month SOFR rate + spread

Total return of S&P 500® Index

Citibank N.A.

12/19/2024

26,804

142,411,215

(8,138,892)

5.3900% representing 1 month SOFR rate + spread

Total return of S&P 500® Index

Barclays

12/23/2024

32,977

190,146,334

2,454,043

$ 1,450,224,668

$(38,600,669)

The accompanying notes are an integral part of these financial statements.

30

Direxion Daily Small Cap Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			INVESTMENT COMPANIES — 73.2%
7,253,665			iShares Russell 2000 ETF(a)(b)			$1,579,558,090
			TOTAL INVESTMENT COMPANIES (Cost $1,477,216,181)			$1,579,558,090
			SHORT TERM INVESTMENTS — 30.4%
			Money Market Funds — 30.4%
353,485,496			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$353,485,496
16,250,000			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(c)			16,250,000
287,132,047			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			287,132,047
			TOTAL SHORT TERM INVESTMENTS (Cost $656,867,543)			$656,867,543
			TOTAL INVESTMENTS (Cost $2,134,083,724) — 103.6%(e)			$2,236,425,633
			Liabilities in Excess of Other Assets — (3.6)%			(77,428,073)
			TOTAL NET ASSETS — 100.0%			$2,158,997,560

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,916,776,266.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of Russell 2000® Index

5.4700% representing 1 month SOFR rate + spread

BNP Paribas

12/04/2024

379,026

$730,716,878

$76,679,822

Total return of Russell 2000® Index

5.4200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

411,374

782,770,125

93,478,365

Total return of Russell 2000® Index

5.2800% representing 1 month SOFR rate + spread

Societe Generale

12/16/2024

55,000

108,827,795

8,076,837

Total return of Russell 2000® Index

5.3100% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

160,000

333,506,395

10,731,073

Total return of Russell 2000® Index

5.4200% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

317,526

655,639,357

26,398,136

Total return of Russell 2000® Index

5.2100% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

515,192

1,113,873,985

9,053,710

Total return of Russell 2000® Index

5.4000% representing 1 month SOFR rate + spread

Barclays

12/23/2024

391,424

838,457,588

13,982,375

$4,563,792,123

$238,400,318

The accompanying notes are an integral part of these financial statements.

31

Direxion Daily Small Cap Bear 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 106.7%
			Money Market Funds — 106.7%
195,891,066			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$ 195,891,066
24,870,000			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			24,870,000
21,324,995			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			21,324,995
125,374,052			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			125,374,052
			TOTAL SHORT TERM INVESTMENTS (Cost $367,460,113)(b)			367,460,113
			TOTAL INVESTMENTS (Cost $367,460,113) — 106.7%			$367,460,113
			Liabilities in Excess of Other Assets — (6.7)%			(23,212,932)
			TOTAL NET ASSETS — 100.0%			$344,247,181

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $228,827,911.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

5.1200% representing 1 month SOFR rate + spread

Total return of Russell 2000® Index

BNP Paribas

12/4/2024

56,413

$122,568,688

$171,588

5.2200% representing 1 month SOFR rate + spread

Total return of Russell 2000® Index

Bank of America Merrill Lynch

12/11/2024

96,328

204,957,185

(3,068,288)

5.0700% representing 1 month SOFR rate + spread

Total return of Russell 2000® Index

Societe Generale

12/16/2024

51,000

100,662,762

(7,951,562)

5.1000% representing 1 month SOFR rate + spread

Total return of Russell 2000® Index

J.P. Morgan

12/16/2024

64,201

125,114,479

(11,965,729)

5.1300% representing 1 month SOFR rate + spread

Total return of Russell 2000® Index

UBS Securities LLC

12/17/2024

85,884

187,807,820

1,150,768

4.9700% representing 1 month SOFR rate + spread

Total return of Russell 2000® Index

Citibank N.A.

12/19/2024

47,366

106,650,179

3,498,624

5.1600% representing 1 month SOFR rate + spread

Total return of Russell 2000® Index

Barclays

12/23/2024

68,950

154,055,425

3,001,894

$ 1,001,816,538

$(15,162,705)

The accompanying notes are an integral part of these financial statements.

32

Direxion Daily FTSE China Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			INVESTMENT COMPANIES — 62.7%
1,250,000			iShares MSCI China ETF(a)			$61,562,500
38,089,730			iShares China Large-Cap ETF(a)			1,202,111,879
			TOTAL INVESTMENT COMPANIES (Cost $1,264,220,409)			1,263,674,379
			SHORT TERM INVESTMENTS — 51.0%
			Money Market Funds — 51.0%
525,083,968			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)(c)			525,083,968
93,530,000			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(b)			93,530,000
409,909,293			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			409,909,293
			TOTAL SHORT TERM INVESTMENTS (Cost $1,028,523,261)			1,028,523,261
			TOTAL INVESTMENTS (Cost $2,292,743,670) — 113.7%(d)			$2,292,197,640
			Liabilities in Excess of Other Assets — (13.7)%			(276,251,833)
			TOTAL NET ASSETS — 100.0%			$2,015,945,807

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
A portion of this security represents a security on loan.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of this security represents an investment of securities lending collateral.

(d)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,907,463,426.

The accompanying notes are an integral part of these financial statements.

33

Direxion Daily FTSE China Bull 3X Shares

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination			Terms of Payments to be Paid at Termination			Counterparty			Termination Date			Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
Total return of iShares China Large-Cap ETF			8.3200% representing 1 month SOFR rate + spread			BNP Paribas			12/4/2024			12,919,156			$377,156,312			$24,062,389
Total return of iShares China Large-Cap ETF			6.8200% representing 1 month SOFR rate + spread			Goldman Sachs			12/10/2024			23,779,852			810,380,540			(64,725,926)
Total return of iShares China Large-Cap ETF			11.8200% representing 1 month SOFR rate + spread			Bank of America Merrill Lynch			12/11/2024			24,748,233			822,732,429			(49,853,229)
Total return of iShares China Large-Cap ETF			5.6700% representing 1 month SOFR rate + spread			Societe Generale			12/16/2024			8,750,000			207,452,225			61,976,787
Total return of iShares China Large-Cap ETF			5.5700% representing 1 month SOFR rate + spread			UBS Securities LLC			12/17/2024			16,304,896			529,216,820			(15,620,831)
Total return of iShares China Large-Cap ETF			5.4200% representing 1 month SOFR rate + spread			Citibank N.A.			12/19/2024			25,219,218			878,629,288			(86,224,702)
Total return of iShares China Large-Cap ETF			9.3200% representing 1 month SOFR rate + spread			Nomura			12/19/2024			16,000,000			584,775,703			(83,504,174)
Total return of iShares China Large-Cap ETF			5.6700% representing 1 month SOFR rate + spread			Barclays			12/23/2024			23,866,972			736,511,282			10,262,747
															$4,946,854,599			$(203,626,939)

The accompanying notes are an integral part of these financial statements.

34

Direxion Daily FTSE China Bear 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 99.9%
			Money Market Funds — 99.9%
119,585,270			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$119,585,270
15,330,000			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			15,330,000
49,394,000			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			49,394,000
			TOTAL SHORT TERM INVESTMENTS (Cost $184,309,270)(b)			184,309,270
			TOTAL INVESTMENTS (Cost $184,309,270) — 99.9%			$ 184,309,270
			Other Assets in Excess of Liabilities — 0.1%			173,792
			TOTAL NET ASSETS — 100.0%			$184,483,062

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $129,665,784.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

4.9300% representing 1 month SOFR rate + spread

Total return of iShares China Large-Cap ETF

BNP Paribas

12/4/2024

7,085,231

$228,068,238

$5,324,245

5.4000% representing 1 month SOFR rate + spread

Total return of iShares China Large-Cap ETF

Bank of America Merrill Lynch

12/11/2024

6,182,685

212,623,181

18,341,881

5.0000% representing 1 month SOFR rate + spread

Total return of iShares China Large-Cap ETF

UBS Securities LLC

12/17/2024

1,845,599

58,533,134

364,724

4.8200% representing 1 month SOFR rate + spread

Total return of iShares China Large-Cap ETF

Goldman Sachs

11/12/2025

2,422,932

80,756,324

4,537,992

$ 579,980,877

$28,568,842

The accompanying notes are an integral part of these financial statements.

35

Direxion Daily FTSE Europe Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			INVESTMENT COMPANIES — 61.6%
200,422			Vanguard FTSE Europe ETF(a)(b)			$13,464,350
			TOTAL INVESTMENT COMPANIES (Cost $13,207,461)			13,464,350
			SHORT TERM INVESTMENTS — 55.9%
			Money Market Funds — 55.9%
7,994,548			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$7,994,548
2,344,064			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(c)			2,344,064
1,880,516			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			1,880,516
			TOTAL SHORT TERM INVESTMENTS (Cost $12,219,128)			12,219,128
			TOTAL INVESTMENTS (Cost $25,426,589) — 117.5%(e)			$ 25,683,478
			Liabilities in Excess of Other Assets — (17.5)%			(3,824,620)
			TOTAL NET ASSETS — 100.0%			$21,858,858

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $13,390,936.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of Vanguard FTSE Europe ETF

5.1100% representing 1 month SOFR rate + spread

BNP Paribas

12/4/2024

204,830

$12,717,846

$810,551

Total return of Vanguard FTSE Europe ETF

5.2200% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

169,957

11,162,776

100,023

Total return of Vanguard FTSE Europe ETF

5.3200% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

146,305

9,844,285

(130,617)

Total return of Vanguard FTSE Europe ETF

5.5600% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

117,922

7,857,372

(35,748)

Total return of Vanguard FTSE Europe ETF

5.3700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

136,706

8,827,615

192,181

$ 50,409,894

$936,390

The accompanying notes are an integral part of these financial statements.

36

Direxion Daily MSCI Emerging Markets Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			INVESTMENT COMPANIES — 4.5%
82,807			iShares MSCI Emerging Markets ETF(a)			$3,680,771
			TOTAL INVESTMENT COMPANIES (Cost $3,849,646)			$3,680,771
			SHORT TERM INVESTMENTS — 100.2%
			Money Market Funds — 100.2%
40,017,549			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$ 40,017,549
18			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(b)			18
14,620,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(b)			14,620,000
28,220,487			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			28,220,487
			TOTAL SHORT TERM INVESTMENTS (Cost $82,858,054)			$82,858,054
			TOTAL INVESTMENTS (Cost $86,707,700) — 104.7%(c)			$86,538,825
			Liabilities in Excess of Other Assets — (4.7)%			(3,832,378)
			TOTAL NET ASSETS — 100.0%			$82,706,447

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $49,445,235.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of iShares MSCI Emerging Markets ETF

5.3600% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

1,399,613

$55,013,498

$5,824,299

Total return of iShares MSCI Emerging Markets ETF

5.4400% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

1,106,418

42,954,773

4,531,851

Total return of iShares MSCI Emerging Markets ETF

5.3900% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

1,374,873

63,544,499

(2,751,466)

Total return of iShares MSCI Emerging Markets ETF

5.6700% representing 1 month SOFR rate + spread

Barclays

12/23/2024

1,618,299

69,015,377

1,715,038

$ 230,528,147

$9,319,722

The accompanying notes are an integral part of these financial statements.

37

Direxion Daily MSCI Emerging Markets Bear 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 101.9%
			Money Market Funds — 101.9%
9,571,635			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$9,571,635
7,530,229			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			7,530,229
			TOTAL SHORT TERM INVESTMENTS (Cost $17,101,864)(b)			$17,101,864
			TOTAL INVESTMENTS (Cost $17,101,864) — 101.9%			$ 17,101,864
			Liabilities in Excess of Other Assets — (1.9)%			(310,892)
			TOTAL NET ASSETS — 100.0%			$16,790,972

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $9,979,081.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

5.1200% representing 1 month SOFR rate + spread

Total return of iShares MSCI Emerging Markets ETF

J.P. Morgan

12/16/2024

200,000

$8,733,084

$(5,870)

4.9000% representing 1 month SOFR rate + spread

Total return of iShares MSCI Emerging Markets ETF

UBS Securities LLC

12/17/2024

389,222

16,522,648

(524,050)

5.1500% representing 1 month SOFR rate + spread

Total return of iShares MSCI Emerging Markets ETF

Citibank N.A.

12/19/2024

544,084

25,083,290

999,461

$ 50,339,022

$469,541

The accompanying notes are an integral part of these financial statements.

38

Direxion Daily MSCI Mexico Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			INVESTMENT COMPANIES — 48.9%
233,804			iShares MSCI Mexico ETF(a)(b)			$12,139,104
			TOTAL INVESTMENT COMPANIES (Cost $12,661,555)			$12,139,104
			SHORT TERM INVESTMENTS — 68.7%
			Money Market Funds — 68.7%
10,209,864			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$ 10,209,864
1,847,556			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(c)			1,847,556
5,014,865			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			5,014,865
			TOTAL SHORT TERM INVESTMENTS (Cost $17,072,285)			$17,072,285
			TOTAL INVESTMENTS (Cost $29,733,840) — 117.6%(e)			$29,211,389
			Liabilities in Excess of Other Assets — (17.6)%			(4,371,569)
			TOTAL NET ASSETS — 100.0%			$24,839,820

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $23,006,614.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Depreciation

Total return of iShares MSCI Mexico ETF

5.3700% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

532,682

$28,302,130

$(798,973)

Total return of iShares MSCI Mexico ETF

4.1200% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

355,318

20,225,129

(2,071,972)

Total return of iShares MSCI Mexico ETF

5.4700% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

313,483

17,403,648

(1,513,785)

$65,930,907

$(4,384,730)

The accompanying notes are an integral part of these financial statements.

39

Direxion Daily MSCI South Korea Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			INVESTMENT COMPANIES — 66.6%
641,758			iShares MSCI South Korea ETF(a)			$38,447,722
			TOTAL INVESTMENT COMPANIES (Cost $39,613,859)			$38,447,722
			SHORT TERM INVESTMENTS — 45.4%
			Money Market Funds — 45.4%
8,350,863			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$8,350,863
17,833,792			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			17,833,792
			TOTAL SHORT TERM INVESTMENTS (Cost $26,184,655)			$26,184,655
			TOTAL INVESTMENTS (Cost $65,798,514) — 112.0%(c)			$ 64,632,377
			Liabilities in Excess of Other Assets — (12.0)%			(6,936,230)
			TOTAL NET ASSETS — 100.0%			$57,696,147

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $47,139,727.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Depreciation

Total return of iShares MSCI South Korea ETF

5.4700% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

42,808

$2,506,053

$(58,353)

Total return of iShares MSCI South Korea ETF

5.5200% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

1,791,799

111,676,849

(5,713,588)

Total return of iShares MSCI South Korea ETF

5.4700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

347,495

22,021,505

(1,389,142)

Total return of iShares MSCI South Korea ETF

5.4700% representing 1 month SOFR rate + spread

Barclays

12/23/2024

65,285

3,932,683

(134,490)

$ 140,137,090

$(7,295,573)

The accompanying notes are an integral part of these financial statements.

40

Direxion Daily Aerospace & Defense Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 59.2%
			Administrative and Support Services — 0.1%
2,549			V2X, Inc.(a)			$157,018
			Computer and Electronic Product Manufacturing — 15.7%
21,396			L3Harris Technologies, Inc.			5,294,868
16,085			Leonardo DRS, Inc.(a)			483,676
11,002			Mercury Computer Systems, Inc.(a)			355,915
6,269			Moog, Inc. Class A			1,182,334
9,418			Northrop Grumman Corp.			4,793,950
143,178			RTX Corp.			17,323,106
						29,433,849
			Electrical Equipment, Appliance, and Component Manufacturing — 3.0%
13,429			Axon Enterprise, Inc.(a)			5,687,181
			Fabricated Metal Product Manufacturing — 3.0%
19,910			BWX Technologies, Inc.			2,424,043
8,339			Curtiss-Wright Corp.			2,876,621
9,821			Smith & Wesson Brands, Inc.			127,231
3,674			Sturm, Ruger & Co, Inc.			144,462
						5,572,357
			Machinery Manufacturing — 10.7%
116,710			General Electric Co.			20,048,444
			Merchant Wholesalers, Durable Goods — 1.4%
17,809			Hexcel Corp.			1,045,210
8,550			Huntington Ingalls Industries, Inc.			1,581,408
						2,626,618
			Miscellaneous Manufacturing — 1.9%
5,667			Cadre Holdings, Inc.			197,041
40,824			Textron, Inc.			3,283,066
						3,480,107
			Primary Metal Manufacturing — 2.8%
51,629			Howmet Aerospace, Inc.			5,148,444
			Textile Mills — 0.0%(†)
1,114			National Presto Industries, Inc.			80,130
			Transportation Equipment Manufacturing — 20.6%
7,673			AAR Corp.(a)			450,405
6,104			AeroVironment, Inc.(a)			1,312,116
48,022			Archer Aviation, Inc.(a)(b)			151,269
37,592			Boeing Co.(a)			5,612,862
2,957			Ducommun, Inc.(a)			173,842
16,214			General Dynamics Corp.			4,728,165
7,794			HEICO Corp.			1,909,140
14,494			HEICO Corp. Class A			2,782,993
32,898			Kratos Defense & Security Solutions, Inc.(a)			747,443

The accompanying notes are an integral part of these financial statements.

41

Direxion Daily Aerospace & Defense Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Transportation Equipment Manufacturing — (Continued)
2,546			Loar Holdings, Inc.(a)			$219,414
21,325			Lockheed Martin Corp.			11,644,516
75,736			Rocket Lab USA, Inc.(a)(b)			810,375
25,406			Spirit AeroSystems Holdings, Inc.(a)			822,392
3,656			TransDigm Group, Inc.			4,761,209
16,842			Triumph Group, Inc.(a)			233,093
12,998			Woodward, Inc.			2,132,843
						38,492,077
			TOTAL COMMON STOCKS (Cost $95,908,076)			$110,726,225
			SHORT TERM INVESTMENTS — 40.9%
			Money Market Funds — 40.9%
24,780,626			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$24,780,626
8,830,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(c)			8,830,000
42,892,673			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			42,892,673
			TOTAL SHORT TERM INVESTMENTS (Cost $76,503,299)			$76,503,299
			TOTAL INVESTMENTS (Cost $172,411,375) — 100.1%(e)			$187,229,524
			Liabilities in Excess of Other Assets — (0.1)%			(259,459)
			TOTAL NET ASSETS — 100.0%			$186,970,065

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(†)
Less than 0.005%.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $134,053,610.

The accompanying notes are an integral part of these financial statements.

42

Direxion Daily Aerospace & Defense Bull 3X Shares

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of Dow Jones U.S. Select Aerospace & Defense Index

5.6100% representing 1 month SOFR rate + spread

BNP Paribas

12/4/2024

241

$7,435,477

$1,034,933

Total return of Dow Jones U.S. Select Aerospace & Defense Index

5.6400% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

1,759

60,619,877

2,655,331

Total return of Dow Jones U.S. Select Aerospace & Defense Index

5.5700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

6,886

216,564,002

26,484,537

Total return of Dow Jones U.S. Select Aerospace & Defense Index

5.6200% representing 1 month SOFR rate + spread

Barclays

12/23/2024

3,455

126,287,661

(1,140,856)

$410,907,017

$29,033,945

The accompanying notes are an integral part of these financial statements.

43

Direxion Daily Consumer Discretionary Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 50.3%
			Accommodation — 3.0%
1,432			Airbnb, Inc. Class A(a)			$  193,019
802			Hilton Worldwide Holdings, Inc.			188,350
1,150			Las Vegas Sands Corp.			59,628
760			Marriott International, Inc. Class A			197,615
751			MGM Resorts International(a)			27,689
304			Wynn Resorts Ltd.			29,190
						695,491
			Administrative and Support Services — 2.9%
108			Booking Holdings, Inc.			505,035
770			Royal Caribbean Cruises Ltd. ADR (Liberia)			158,889
						663,924
			Apparel Manufacturing — 0.5%
496			Deckers Outdoor Corp.(a)			79,801
130			Ralph Lauren Corp.			25,731
						105,532
			Building Material and Garden Equipment and Supplies Dealers — 6.6%
1,854			Lowe’s Companies, Inc.			485,433
2,361			The Home Depot, Inc.			929,644
351			Tractor Supply Co.			93,194
						1,508,271
			Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 3.0%
374			Lululemon Athletica, Inc.(a)			111,415
1,086			Ross Stores, Inc.			151,736
3,677			TJX Companies, Inc.			415,611
						678,762
			Construction of Buildings — 2.1%
955			D.R. Horton, Inc.			161,395
787			Lennar Corp. Class A			134,026
10			NVR, Inc.(a)			91,528
675			PulteGroup, Inc.			87,433
						474,382
			Food Services and Drinking Places — 5.6%
4,456			Chipotle Mexican Grill, Inc.(a)			248,511
385			Darden Restaurants, Inc.			61,608
1,713			McDonald’s Corp.			500,384
3,688			Starbucks Corp.			360,318
915			Yum! Brands, Inc.			120,011
						1,290,832
			Funds, Trusts, and Other Financial Vehicles — 0.4%
501			Garmin Ltd. ADR (Switzerland)			99,373

The accompanying notes are an integral part of these financial statements.

44

Direxion Daily Consumer Discretionary Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.2%
639			Best Buy Co., Inc.			$   57,785
			General Merchandise Retailers — 11.7%
13,927			Amazon.com, Inc.(a)			2,595,993
1,591			eBay, Inc.			91,498
						2,687,491
			Health and Personal Care Retailers — 0.2%
155			Ulta Beauty, Inc.(a)			57,192
			Leather and Allied Product Manufacturing — 1.5%
3,909			NIKE, Inc. Class B			301,501
750			Tapestry, Inc.			35,588
						337,089
			Management of Companies and Enterprises — 0.2%
1,431			Norwegian Cruise Line Holdings Ltd. ADR(a)			36,262
			Merchant Wholesalers, Durable Goods — 0.7%
453			Genuine Parts Co.			51,959
857			LKQ Corp.			31,529
170			Mohawk Industries, Inc.(a)			22,826
124			Pool Corp.			44,843
						151,157
			Merchant Wholesalers, Nondurable Goods — 0.2%
114			Domino’s Pizza, Inc.			47,165
			Miscellaneous Manufacturing — 0.1%
426			Hasbro, Inc.			27,958
			Motor Vehicle and Parts Dealers — 1.8%
55			AutoZone, Inc.(a)			165,495
508			CarMax, Inc.(a)			36,769
189			O’Reilly Automotive, Inc.(a)			217,943
						420,207
			Performing Arts, Spectator Sports, and Related Industries — 0.1%
704			Caesars Entertainment, Inc.(a)			28,195
			Support Activities for Transportation — 0.3%
405			Expedia, Inc.(a)			63,306
			Transportation Equipment Manufacturing — 8.9%
864			Aptiv PLC ADR (United Kingdom)(a)			49,101
741			BorgWarner, Inc.			24,920
12,704			Ford Motor Co.			130,724
3,657			General Motors Co.			185,630
6,606			Tesla, Inc.(a)			1,650,509
						2,040,884

The accompanying notes are an integral part of these financial statements.

45

Direxion Daily Consumer Discretionary Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Water Transportation — 0.3%
3,287			Carnival Corp. ADR (Panama)(a)			$72,314
			TOTAL COMMON STOCKS (Cost $9,923,198)			$11,543,572
			SHORT TERM INVESTMENTS — 40.9%
			Money Market Funds — 40.9%
7,015,059			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			7,015,059
29,456			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(b)			29,456
2,331,606			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			2,331,606
			TOTAL SHORT TERM INVESTMENTS (Cost $9,376,121)			$9,376,121
			TOTAL INVESTMENTS (Cost $19,299,319) — 91.2%(c)			$20,919,693
			Other Assets in Excess of Liabilities — 8.8%			2,010,498
			TOTAL NET ASSETS — 100.0%			$22,930,191

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $17,031,717.

ADR - American Depository Receipt

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of Consumer Discretionary Select Sector Index

5.6200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

5,106

$10,167,636

$(47,678)

Total return of Consumer Discretionary Select Sector Index

5.7200% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

4,421

7,758,423

687,063

Total return of Consumer Discretionary Select Sector Index

5.5700% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

9,290

16,519,379

1,456,599

Total return of Consumer Discretionary Select Sector Index

5.5700% representing 1 month SOFR rate + spread

Barclays

12/23/2024

9,947

17,768,384

1,624,029

$ 52,213,822

$3,720,013

The accompanying notes are an integral part of these financial statements.

46

Direxion Daily Dow Jones Internet Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 68.3%
			Accommodation — 2.1%
21,141			Airbnb, Inc. Class A(a)			$2,849,595
			Administrative and Support Services — 5.4%
981			Booking Holdings, Inc.			4,587,401
14,971			Cloudflare, Inc.(a)			1,313,107
25,945			Roblox Corp.(a)			1,341,875
						7,242,383
			Amusement, Gambling, and Recreation Industries — 0.6%
23,472			DraftKings, Inc.(a)			829,031
			Computer and Electronic Product Manufacturing — 13.2%
30,188			Alphabet, Inc.			5,165,469
24,749			Alphabet, Inc. Class C			4,273,905
10,934			Arista Networks, Inc.(a)			4,225,335
76,324			Cisco Systems, Inc.			4,180,266
						17,844,975
			Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 0.7%
28,980			Pinterest, Inc.(a)			921,274
			Food Services and Drinking Places — 1.9%
16,118			DoorDash, Inc.(a)			2,525,691
			General Merchandise Retailers — 7.3%
45,144			Amazon.com, Inc.(a)			8,414,842
23,728			eBay, Inc.			1,364,597
						9,779,439
			Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) — 0.2%
14,378			Marathon Digital Holdings, Inc.(a)(b)			241,119
			Merchant Wholesalers, Durable Goods — 1.6%
42,519			Copart, Inc.(a)			2,188,453
			Motion Picture and Sound Recording Industries — 5.6%
10,059			Netflix, Inc.(a)			7,604,906
			Motor Vehicle and Parts Dealers — 1.0%
5,536			Carvana Co.(a)			1,369,108
			Professional, Scientific, and Technical Services — 14.9%
7,737			Atlassian Corp.(a)			1,458,734
7,061			Ciena Corp.(a)			448,444
6,789			GoDaddy, Inc.(a)			1,132,405
15,830			Juniper Networks, Inc.			615,787
16,272			Meta Platforms, Inc.			9,235,662
11,894			Nutanix, Inc.(a)			738,618
2,420			Paycom Software, Inc.			505,853

The accompanying notes are an integral part of these financial statements.

47

Direxion Daily Dow Jones Internet Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Professional, Scientific, and Technical Services — (Continued)
16,811			Snowflake, Inc.(a)			$1,930,239
4,010			VeriSign, Inc.(a)			709,128
10,104			Workday, Inc.(a)			2,362,820
12,395			Zoom Video Communications, Inc.(a)			926,402
						20,064,092
			Publishing Industries — 10.9%
7,554			Akamai Technologies, Inc.(a)			763,558
7,107			Box, Inc.(a)			225,718
12,408			Confluent, Inc.(a)			324,718
15,237			Datadog, Inc.(a)			1,911,329
9,798			DocuSign, Inc.(a)			679,785
11,302			Dropbox, Inc. Class A(a)			292,157
2,489			HubSpot, Inc.(a)			1,380,872
7,727			Okta, Inc.(a)			555,494
22,598			Salesforce, Inc.			6,584,379
6,495			Smartsheet, Inc.(a)			366,448
7,090			Veeva Systems, Inc.(a)			1,480,605
13,793			ZoomInfo Technologies, Inc.(a)			152,413
						14,717,476
			Telecommunications — 2.9%
49,291			PayPal Holdings, Inc.(a)			3,908,776
			TOTAL COMMON STOCKS (Cost $80,924,044)			$92,086,318
			SHORT TERM INVESTMENTS — 33.8%
			Money Market Funds — 33.8%
22,558,864			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$22,558,864
23,072,820			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			23,072,820
			TOTAL SHORT TERM INVESTMENTS (Cost $45,631,684)			$45,631,684
			TOTAL INVESTMENTS (Cost $126,555,728) — 102.1%(e)			$137,718,002
			Liabilities in Excess of Other Assets — (2.1)%			(2,865,166)
			TOTAL NET ASSETS — 100.0%			$134,852,836

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $91,414,611.

The accompanying notes are an integral part of these financial statements.

48

Direxion Daily Dow Jones Internet Bull 3X Shares

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of Dow Jones Internet Composite Index

5.6200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

48,759

$44,325,687

$3,788,543

Total return of Dow Jones Internet Composite Index

5.6900% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

52,122

48,940,315

2,692,066

Total return of Dow Jones Internet Composite Index

5.5200% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

104,314

89,936,937

12,289,757

Total return of Dow Jones Internet Composite Index

5.4700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

106,290

97,134,343

8,086,388

$ 280,337,282

$26,856,754

The accompanying notes are an integral part of these financial statements.

49

Direxion Daily Dow Jones Internet Bear 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 113.5%
			Money Market Funds — 113.5%
7,908,662			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$7,908,662
11,537,893			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			11,537,893
			TOTAL SHORT TERM INVESTMENTS (Cost $19,446,555)(b)			$19,446,555
			TOTAL INVESTMENTS (Cost $19,446,555) — 113.5%			$19,446,555
			Liabilities in Excess of Other Assets — (13.5)%			(2,319,445)
			TOTAL NET ASSETS — 100.0%			$17,127,110

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $13,214,964.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Depreciation

5.4200% representing 1 month SOFR rate + spread

Total return of Dow Jones Internet Composite Index

Bank of America Merrill Lynch

12/11/2024

24,898

$23,866,888

$(854,828)

5.4300% representing 1 month SOFR rate + spread

Total return of Dow Jones Internet Composite Index

J.P. Morgan

12/16/2024

10,403

9,852,351

(411,106)

5.1200% representing 1 month SOFR rate + spread

Total return of Dow Jones Internet Composite Index

UBS Securities LLC

12/17/2024

6,938

6,113,804

(771,521)

5.1200% representing 1 month SOFR rate + spread

Total return of Dow Jones Internet Composite Index

Citibank N.A.

12/19/2024

8,980

8,649,969

(307,486)

$ 48,483,012

$(2,344,941)

The accompanying notes are an integral part of these financial statements.

50

Direxion Daily Financial Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 69.6%
			Administrative and Support Services — 7.0%
25,165			Ameriprise Financial, Inc.			$12,841,699
17,790			Corpay, Inc.(a)			5,865,719
9,750			FactSet Research System, Inc.			4,427,085
40,133			Moody’s Corp.			18,221,987
428,188			Visa, Inc. Class A			124,110,292
						165,466,782
			Chemical Manufacturing — 1.0%
147,142			IntercontinentalExchange, Inc.			22,935,024
			Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 1.2%
147,537			Fiserv, Inc.(a)			29,197,572
			Credit Intermediation and Related Activities — 26.7%
143,926			American Express Co.			38,871,534
1,730,012			Bank of America Corp.			72,349,102
189,114			Bank of New York Mellon Corp.			14,251,631
97,857			Capital One Financial Corp.			15,930,141
488,916			Citigroup, Inc.			31,373,740
114,876			Citizens Financial Group, Inc.			4,838,577
64,343			Discover Financial Services			9,550,431
139,800			Fidelity National Information Services, Inc.			12,544,254
173,441			Fifth Third Bancorp			7,575,903
65,206			Global Payments, Inc.			6,762,514
372,228			Huntington Bancshares, Inc.			5,803,034
729,120			JPMorgan Chase & Co.			161,806,310
237,843			KeyCorp			4,102,792
42,802			M&T Bank Corp.			8,332,693
211,438			MasterCard, Inc. Class A			105,632,310
51,669			Northern Trust Corp.			5,193,768
101,871			PNC Financial Services Group, Inc.			19,179,253
234,518			Regions Financial Corp.			5,597,945
76,527			State Street Corp.			7,101,706
101,279			Synchrony Financial			5,584,524
343,195			Truist Financial Corp.			14,774,545
399,905			U.S. Bancorp			19,319,411
872,216			Wells Fargo & Co.			56,624,263
						633,100,381
			Funds, Trusts, and Other Financial Vehicles — 0.3%
57,044			T. Rowe Price Group, Inc.			6,266,854
			Insurance Carriers and Related Activities — 19.2%
129,161			Aflac, Inc.			13,534,781
67,668			Allstate Corp.			12,621,435
165,005			American International Group, Inc.			12,520,580
95,978			Arch Capital Group Ltd. ADR(a)			9,459,592

The accompanying notes are an integral part of these financial statements.

51

Direxion Daily Financial Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Insurance Carriers and Related Activities — (Continued)
56,149			Arthur J. Gallagher & Co.			$15,789,099
13,278			Assurant, Inc.			2,545,393
469,460			Berkshire Hathaway, Inc. Class B(a)			211,688,903
60,674			Brown & Brown, Inc.			6,348,927
96,241			Chubb Limited ADR (Switzerland)			27,182,308
40,042			Cincinnati Financial Corp.			5,639,115
6,413			Erie Indemnity Co. Class A			2,878,411
11,088			Everest Re Group Ltd. ADR			3,943,004
23,020			Globe Life, Inc.			2,430,912
75,094			Hartford Financial Services Group, Inc.			8,293,381
46,694			Loews Corp.			3,686,958
126,021			Marsh & McLennan Companies, Inc.			27,502,823
150,753			MetLife, Inc.			11,822,050
54,602			Principal Financial Group, Inc.			4,499,205
150,095			Progressive Corp.			36,447,569
91,489			Prudential Financial, Inc.			11,205,573
58,410			Travelers Companies, Inc.			14,365,355
77,039			W.R. Berkley Corp.			4,404,320
26,023			Willis Towers Watson PLC ADR (Ireland)			7,863,890
						456,673,584
			Management of Companies and Enterprises — 0.8%
55,673			Aon PLC ADR (United Kingdom)			20,424,754
			Professional, Scientific, and Technical Services — 0.1%
18,683			Jack Henry & Associates, Inc.			3,398,998
			Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 12.4%
35,682			Blackrock, Inc.			35,005,112
26,817			Cboe Global Markets, Inc.			5,727,307
382,849			Charles Schwab Corp.			27,117,195
92,280			CME Group, Inc.			20,796,221
79,080			Franklin Resources, Inc.			1,642,491
80,926			Goldman Sachs Group, Inc.			41,902,673
115,326			Invesco Ltd. ADR			1,999,753
172,842			KKR & Co., Inc.			23,893,678
9,672			MarketAxess Holdings, Inc.			2,799,270
319,245			Morgan Stanley			37,112,231
20,159			MSCI, Inc. Class A			11,514,821
106,052			NASDAQ OMX Group, Inc.			7,839,364
47,495			Raymond James Financial, Inc.			7,039,709
82,066			S&P Global, Inc.			39,421,224
184,548			The Blackstone Group, Inc.			30,957,927
						294,768,976

The accompanying notes are an integral part of these financial statements.

52

Direxion Daily Financial Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Telecommunications — 0.9%
261,972			PayPal Holdings, Inc.(a)			$20,774,380
			TOTAL COMMON STOCKS (Cost $1,427,623,719)			$1,653,007,305
			SHORT TERM INVESTMENTS — 33.2%
			Money Market Funds — 33.2%
513,858,020			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$513,858,020
195,684,677			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(b)			195,684,677
18,119,190			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(b)			18,119,190
60,253,520			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			60,253,520
			TOTAL SHORT TERM INVESTMENTS (Cost $787,915,407)			$787,915,407
			TOTAL INVESTMENTS (Cost $2,215,539,126) — 102.8%(c)			$2,440,922,712
			Liabilities in Excess of Other Assets — (2.8)%			(66,812,515)
			TOTAL NET ASSETS — 100.0%			$2,374,110,197

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,809,006,246.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

53

Direxion Daily Financial Bull 3X Shares

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination			Terms of Payments to be Paid at Termination			Counterparty			Termination Date			Contracts			Notional Amount			Unrealized Appreciation
Total return of Financial Select Sector Index			5.7100% representing 1 month SOFR rate + spread			BNP Paribas			12/4/2024			908,694			$447,790,713			$62,930,199
Total return of Financial Select Sector Index			5.5600% representing 1 month SOFR rate + spread			Goldman Sachs			12/10/2024			2,036,078			985,442,494			159,289,980
Total return of Financial Select Sector Index			5.6700% representing 1 month SOFR rate + spread			Bank of America Merrill Lynch			12/11/2024			796,838			413,471,573			37,242,998
Total return of Financial Select Sector Index			5.6900% representing 1 month SOFR rate + spread			Societe Generale			12/16/2024			911,605			420,751,287			85,527,727
Total return of Financial Select Sector Index			5.7000% representing 1 month SOFR rate + spread			J.P. Morgan			12/16/2024			399,189			189,039,214			32,767,158
Total return of Financial Select Sector Index			5.6200% representing 1 month SOFR rate + spread			UBS Securities LLC			12/17/2024			1,217,651			568,522,040			106,208,274
Total return of Financial Select Sector Index			5.6200% representing 1 month SOFR rate + spread			Citibank N.A.			12/19/2024			1,419,869			701,563,733			95,934,642
Total return of Financial Select Sector Index			5.6200% representing 1 month SOFR rate + spread			Barclays			12/23/2024			1,850,491			953,148,017			91,026,702
															$4,679,729,071			$670,927,680

The accompanying notes are an integral part of these financial statements.

54

Direxion Daily Financial Bear 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 117.9%
			Money Market Funds — 117.9%
62,259,747			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$62,259,747
35,137,991			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			35,137,991
53,825,429			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			53,825,429
			TOTAL SHORT TERM INVESTMENTS (Cost $151,223,167)(b)			151,223,167
			TOTAL INVESTMENTS (Cost $151,223,167) — 117.9%			$ 151,223,167
			Liabilities in Excess of Other Assets — (17.9)%			(22,906,981)
			TOTAL NET ASSETS — 100.0%			$128,316,186

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $99,288,466.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

5.3200% representing 1 month SOFR rate + spread

Total return of Financial Select Sector Index

Goldman Sachs

12/10/2024

33,808

$18,037,693

$(1,127,875)

5.4700% representing 1 month SOFR rate + spread

Total return of Financial Select Sector Index

Bank of America Merrill Lynch

12/11/2024

240,397

133,670,268

(3,444,667)

5.3500% representing 1 month SOFR rate + spread

Total return of Financial Select Sector Index

Societe Generale

12/16/2024

158,000

69,499,460

(18,599,958)

5.5300% representing 1 month SOFR rate + spread

Total return of Financial Select Sector Index

J.P. Morgan

12/16/2024

112,813

65,935,281

1,065,995

5.3200% representing 1 month SOFR rate + spread

Total return of Financial Select Sector Index

UBS Securities LLC

12/17/2024

126,467

69,183,087

(2,848,664)

$ 356,325,789

$(24,955,169)

The accompanying notes are an integral part of these financial statements.

55

Direxion Daily Healthcare Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 75.7%
			Ambulatory Health Care Services — 1.1%
998			DaVita, Inc.(a)			$139,530
1,817			Labcorp Holdings, Inc.			414,767
1,268			Molina Healthcare, Inc.(a)			407,307
2,409			Quest Diagnostics, Inc.			372,985
25,825			Viatris, Inc.			299,570
						1,634,159
			Chemical Manufacturing — 30.7%
38,220			AbbVie, Inc.			7,791,912
11,626			Amgen, Inc.			3,722,180
3,152			Biogen, Inc.(a)			548,448
3,410			Bio-Techne Corp.			251,488
43,869			Bristol-Myers Squibb Co.			2,446,574
3,916			Catalent, Inc.(a)			229,478
17,069			Eli Lilly & Co.			14,162,832
26,939			Gilead Sciences, Inc.			2,392,722
3,459			Incyte Corp.(a)			256,381
54,848			Merck & Co., Inc.			5,612,047
122,616			Pfizer, Inc.			3,470,033
2,296			Regeneron Pharmaceuticals, Inc.(a)			1,924,507
5,585			Vertex Pharmaceuticals, Inc.(a)			2,658,348
9,803			Zoetis, Inc.			1,752,580
						47,219,530
			Computer and Electronic Product Manufacturing — 7.0%
6,313			Agilent Technologies, Inc.			822,647
13,908			Danaher Corp.			3,416,639
9,882			GE HealthCare Technologies, Inc.			863,193
5,026			Hologic, Inc.(a)			406,453
2,670			PerkinElmer, Inc.			316,635
8,266			Thermo Fisher Scientific, Inc.			4,515,881
1,285			Waters Corp.(a)			415,196
						10,756,644
			Health and Personal Care Retailers — 1.0%
27,220			CVS Health Corp.			1,536,841
			Hospitals — 1.1%
4,021			HCA Healthcare, Inc.			1,442,494
1,287			Universal Health Services, Inc. Class B			262,947
						1,705,441
			Insurance Carriers and Related Activities — 10.8%
11,382			Centene Corp.(a)			708,643
6,049			Cigna Corp.			1,904,286
5,017			Elevance Health, Inc.			2,035,698
2,605			Humana, Inc.			671,647
19,981			UnitedHealth Group, Inc.			11,279,275
						16,599,549

The accompanying notes are an integral part of these financial statements.

56

Direxion Daily Healthcare Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Machinery Manufacturing — 0.4%
459			Mettler-Toledo International, Inc.(a)			$592,913
			Management of Companies and Enterprises — 2.8%
37,648			Abbott Laboratories			4,268,154
			Merchant Wholesalers, Durable Goods — 0.1%
2,742			Henry Schein, Inc.(a)			192,571
			Merchant Wholesalers, Nondurable Goods — 1.8%
5,277			Cardinal Health, Inc.			572,660
3,775			Cencora, Inc.			861,002
2,806			McKesson Corp.			1,404,656
						2,838,318
			Miscellaneous Manufacturing — 17.3%
1,519			Align Technology, Inc.(a)			311,441
11,039			Baxter International, Inc.			394,092
6,255			Becton, Dickinson & Co.			1,461,105
31,865			Boston Scientific Corp.(a)			2,677,297
8,671			DexCom, Inc.(a)			611,132
13,035			Edwards Lifesciences Corp.(a)			873,475
1,518			Insulet Corp.(a)			351,463
7,676			Intuitive Surgical, Inc.(a)			3,867,476
52,088			Johnson & Johnson			8,326,788
27,753			Medtronic PLC ADR (Ireland)			2,476,955
3,179			ResMed, Inc.			770,812
2,989			Solventum Corp.(a)			216,942
2,134			Steris PLC ADR (Ireland)			473,428
7,419			Stryker Corp.			2,643,241
1,019			Teleflex, Inc.			204,880
4,308			The Cooper Companys, Inc.(a)			450,961
4,406			Zimmer Biomet Holdings, Inc.			471,090
						26,582,578
			Plastics and Rubber Products Manufacturing — 0.3%
1,569			West Pharmaceutical Services, Inc.			483,142
			Professional, Scientific, and Technical Services — 1.3%
1,116			Charles River Laboratories International, Inc.(a)			199,295
1,781			IDEXX Laboratories, Inc.(a)			724,725
3,748			IQVIA Holdings, Inc.(a)			771,413
7,320			Moderna, Inc.(a)			397,915
						2,093,348
			TOTAL COMMON STOCKS (Cost $110,132,970)			$116,503,188

The accompanying notes are an integral part of these financial statements.

57

Direxion Daily Healthcare Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			SHORT TERM INVESTMENTS — 20.9%
			Money Market Funds — 20.9%
5,980,575			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$5,980,575
3,934			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(b)			3,934
26,190,443			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			26,190,443
			TOTAL SHORT TERM INVESTMENTS (Cost $32,174,952)			$32,174,952
			TOTAL INVESTMENTS (Cost $142,307,922) — 96.6%(c)			$148,678,140
			Other Assets in Excess of Liabilities — 3.4%			5,218,011
			TOTAL NET ASSETS — 100.0%			$153,896,151

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $144,799,217.

ADR - American Depository Receipt

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of Health Care Select Sector Index

5.7200% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

140,000

$188,435,800

$12,117,684

Total return of Health Care Select Sector Index

5.5700% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

8,000

10,869,475

598,167

Total return of Health Care Select Sector Index

5.5700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

10,423

15,625,591

(266,312)

Total return of Health Care Select Sector Index

5.5700% representing 1 month SOFR rate + spread

Barclays

12/23/2024

74,183

101,432,173

5,083,189

$ 316,363,039

$17,532,728

The accompanying notes are an integral part of these financial statements.

58

Direxion Daily Homebuilders & Supplies Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 57.9%
			Building Material and Garden Equipment and Supplies Dealers — 5.8%
34,750			Lowe’s Companies, Inc.			$9,098,592
35,001			MasterBrand, Inc.(a)			628,618
23,204			The Home Depot, Inc.			9,136,575
						18,863,785
			Construction of Buildings — 32.8%
15,232			Beazer Homes USA, Inc.(a)			468,536
14,967			Century Communities, Inc.			1,326,974
159,255			D.R. Horton, Inc.			26,914,095
14,982			Dream Finders Home, Inc.(a)(b)			447,213
16,662			Green Brick Partners , Inc.(a)			1,149,845
39,119			KB Home			3,070,842
6,071			Lennar Corp.(b)			973,303
131,177			Lennar Corp. Class A			22,339,443
11,222			LGI Homes, Inc.(a)			1,139,706
14,877			M/I Homes, Inc.(a)			2,255,205
19,717			Meritage Homes Corp.			3,572,720
1,670			NVR, Inc.(a)			15,285,193
112,630			PulteGroup, Inc.			14,588,964
56,576			Taylor Morrison Home Corp.(a)			3,875,456
55,712			Toll Brothers, Inc.			8,158,465
50,794			TRI Pointe Group, Inc.(a)			2,053,601
						107,619,561
			Furniture and Related Product Manufacturing — 0.1%
4,293			American Woodmark Corp.(a)			389,418
			Furniture, Home Furnishings, Electronics, and Appliance Retailers — 1.0%
14,726			Arhaus, Inc.(b)			124,877
6,229			Ethan Allen Interiors, Inc.			172,356
29,519			Floor & Decor Holdings, Inc. Class A(a)(b)			3,041,933
						3,339,166
			Machinery Manufacturing — 0.2%
39,112			Hayward Holdings, Inc.(a)			635,961
			Management of Companies and Enterprises — 0.5%
39,859			AZEK Company, Inc.(a)			1,753,796
			Merchant Wholesalers, Durable Goods — 5.4%
17,043			Beacon Roofing Supply, Inc.(a)			1,569,149
32,079			Builders FirstSource, Inc.(a)			5,498,340
34,187			Fortune Brands Innovations, Inc.			2,848,803
36,956			Leggett & Platt, Inc.			443,472
8,835			Lennox International, Inc.			5,323,706
14,433			Mohawk Industries, Inc.(a)			1,937,919
						17,621,389

The accompanying notes are an integral part of these financial statements.

59

Direxion Daily Homebuilders & Supplies Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Merchant Wholesalers, Nondurable Goods — 2.5%
23,135			The Sherwin Williams Co.			$8,300,144
			Nonmetallic Mineral Product Manufacturing — 2.2%
9,260			Eagle Materials, Inc.			2,643,360
23,950			Owens Corning			4,234,120
13,015			Quanex Building Products Corp.			378,216
						7,255,696
			Professional, Scientific, and Technical Services — 0.6%
11,615			Simpson Manufacturing Co., Inc.			2,088,261
			Specialty Trade Contractors — 2.6%
12,647			Installed Building Products, Inc.			2,743,134
16,272			TopBuild Corp.(a)			5,750,200
						8,493,334
			Wood Product Manufacturing — 4.2%
4,477			Cavco Industries, Inc.(a)			1,834,652
28,752			Champion Homes, Inc.(a)			2,536,789
23,289			JELD-WEN Holding, Inc.(a)			329,772
60,117			Masco Corp.			4,803,949
29,942			Trex Company, Inc.(a)			2,121,391
16,779			UFP Industries, Inc.			2,052,744
						13,679,297
			TOTAL COMMON STOCKS (Cost $181,949,713)			$190,039,808
			SHORT TERM INVESTMENTS — 43.1%
			Money Market Funds — 43.1%
65,056,535			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$65,056,535
4,218,396			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(c)			4,218,396
72,264,384			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			72,264,384
			TOTAL SHORT TERM INVESTMENTS (Cost $141,539,315)			$141,539,315
			TOTAL INVESTMENTS (Cost $323,489,028) — 101.0%(e)			$331,579,123
			Liabilities in Excess of Other Assets — (1.0)%			(3,219,935)
			TOTAL NET ASSETS — 100.0%			$328,359,188

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $230,137,925.

The accompanying notes are an integral part of these financial statements.

60

Direxion Daily Homebuilders & Supplies Bull 3X Shares

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of Dow Jones U.S. Select Home Construction Index

5.6100% representing 1 month SOFR rate + spread

BNP Paribas

12/4/2024

4,116

$78,254,194

$6,167,601

Total return of Dow Jones U.S. Select Home Construction Index

5.3700% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

11,640

200,589,826

34,433,008

Total return of Dow Jones U.S. Select Home Construction Index

5.5200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

6,388

112,485,466

17,351,979

Total return of Dow Jones U.S. Select Home Construction Index

5.3700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

10,864

198,527,465

23,976,476

Total return of Dow Jones U.S. Select Home Construction Index

5.6200% representing 1 month SOFR rate + spread

Barclays

12/23/2024

4,935

101,123,587

1,515,212

$ 690,980,538

$83,444,276

The accompanying notes are an integral part of these financial statements.

61

Direxion Daily Industrials Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 73.6%
			Administrative and Support Services — 7.8%
577			Allegion PLC ADR (Ireland)			$80,567
830			Amentum Holdings, Inc.(a)			24,684
2,702			Automatic Data Processing, Inc.			781,526
773			Broadridge Financial Solutions, Inc.			162,995
820			Equifax, Inc.			217,316
1,861			Rollins, Inc.			87,728
13,922			Uber Technologies, Inc.(a)			1,003,080
2,420			Waste Management, Inc.			522,357
						2,880,253
			Air Transportation — 1.4%
4,249			Delta Air Lines, Inc.			243,128
3,970			Southwest Airlines Co.			121,403
2,179			United Continental Holdings, Inc.(a)			170,528
						535,059
			Apparel Manufacturing — 1.3%
2,270			Cintas Corp.			467,189
			Building Material and Garden Equipment and Supplies Dealers — 0.3%
349			Snap-on, Inc.			115,215
			Computer and Electronic Product Manufacturing — 7.3%
1,534			AMETEK, Inc.			281,244
2,322			Fortive Corp.			165,860
1,257			L3Harris Technologies, Inc.			311,070
911			Northrop Grumman Corp.			463,717
2,654			Otis Worldwide Corp.			260,623
8,815			RTX Corp.			1,066,527
1,637			Veralto Corp.			167,285
						2,716,326
			Couriers and Messengers — 2.9%
1,493			FedEx Corp.			408,858
4,854			United Parcel Service, Inc. Class B			650,727
						1,059,585
			Electrical Equipment, Appliance, and Component Manufacturing — 2.5%
795			A.O. Smith Corp.			59,704
476			Axon Enterprise, Inc.(a)			201,586
3,795			Emerson Electric Co.			410,885
399			Generac Holdings, Inc.(a)			66,054
752			Rockwell Automation, Inc.			200,566
						938,795
			Fabricated Metal Product Manufacturing — 0.5%
1,097			Pentair PLC ADR (Ireland)			108,734
1,020			Stanley Black & Decker, Inc.			94,799
						203,533

The accompanying notes are an integral part of these financial statements.

62

Direxion Daily Industrials Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Machinery Manufacturing — 15.1%
5,564			Carrier Global Corp.			$404,614
3,213			Caterpillar, Inc.			1,208,731
908			Cummins, Inc.			298,714
1,698			Deere & Co.			687,164
7,185			General Electric Co.			1,234,239
502			IDEX Corp.			107,749
2,674			Ingersoll Rand, Inc.			256,704
361			Nordson Corp.			89,488
852			Parker Hannifin Corp.			540,228
1,495			Trane Technologies PLC ADR (Ireland)			553,389
1,610			Xylem, Inc.			196,066
						5,577,086
			Merchant Wholesalers, Durable Goods — 4.3%
772			Builders FirstSource, Inc.(a)			132,321
5,803			Copart, Inc.(a)			298,680
3,795			Fastenal Co.(b)			296,693
356			Hubbell, Inc.			152,023
260			Huntington Ingalls Industries, Inc.			48,089
4,427			Johnson Controls International PLC ADR (Ireland)			334,460
294			W.W. Grainger, Inc.			326,114
						1,588,380
			Merchant Wholesalers, Nondurable Goods — 1.3%
1,790			Illinois Tool Works, Inc.			467,423
			Miscellaneous Manufacturing — 2.0%
3,640			3M Co.			467,631
911			Dover Corp.			172,479
1,242			Textron, Inc.			99,882
						739,992
			National Security and International Affairs — 0.4%
893			Leidos Holdings, Inc.			163,562
			Primary Metal Manufacturing — 0.7%
2,705			Howmet Aerospace, Inc.			269,742
			Professional, Scientific, and Technical Services — 4.4%
2,638			Eaton Corporation PLC ADR (Ireland)			874,708
830			Jacobs Solutions, Inc.			116,681
2,124			Paychex, Inc.			295,937
322			Paycom Software, Inc.			67,308
944			Verisk Analytics, Inc. Class A			259,336
						1,613,970
			Publishing Industries — 0.2%
1,048			Dayforce, Inc.(a)			74,355

The accompanying notes are an integral part of these financial statements.

63

Direxion Daily Industrials Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Rail Transportation — 3.7%
12,847			CSX Corp.			$432,173
4,037			Union Pacific Corp.			936,867
						1,369,040
			Rental and Leasing Services — 1.0%
441			United Rentals, Inc.			358,445
			Specialty Trade Contractors — 0.8%
976			Quanta Services, Inc.			294,391
			Support Activities for Transportation — 1.8%
777			C.H. Robinson Worldwide, Inc.			80,062
935			Expeditors International of Washington, Inc.			111,265
534			J.B. Hunt Transport Services, Inc.			96,451
1,498			Norfolk Southern Corp.			375,144
						662,922
			Transportation Equipment Manufacturing — 10.6%
4,842			Boeing Co.(a)			722,959
1,709			General Dynamics Corp.			498,361
4,315			Honeywell International, Inc.			887,509
1,406			Lockheed Martin Corp.			767,746
3,474			Paccar, Inc.			362,269
372			TransDigm Group, Inc.			484,456
1,161			Wabtec Corp.			218,245
						3,941,545
			Truck Transportation — 0.7%
1,250			Old Dominion Freight Line, Inc.			251,650
			Utilities — 1.5%
1,821			GE Vernova, Inc.(a)			549,323
			Waste Management and Remediation Services — 0.7%
1,353			Republic Services, Inc.			267,894
			Wood Product Manufacturing — 0.4%
1,446			Masco Corp.			115,551
			TOTAL COMMON STOCKS (Cost $25,015,401)			$27,221,226
			SHORT TERM INVESTMENTS — 29.7%
			Money Market Funds — 29.7%
6,574,250			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)			$6,574,250
1,140,292			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(c)			1,140,292

The accompanying notes are an integral part of these financial statements.

64

Direxion Daily Industrials Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			SHORT TERM INVESTMENTS — (Continued)
			Money Market Funds — (Continued)
3,293,258			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			$3,293,258
			TOTAL SHORT TERM INVESTMENTS (Cost $11,007,800)			$11,007,800
			TOTAL INVESTMENTS (Cost $36,023,201) — 103.3%(d)			$38,229,026
			Liabilities in Excess of Other Assets — (3.3)%			(1,219,062)
			TOTAL NET ASSETS — 100.0%			$37,009,964

Percentages are stated as a percent of net assets.The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $28,685,523.

ADR - American Depository Receipt

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of Industrials Select Sector Index

5.7000% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

13,641

$16,379,095

$1,647,565

Total return of Industrials Select Sector Index

5.5700% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

2,157

2,895,640

(13,505)

Total return of Industrials Select Sector Index

5.4700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

14,410

17,195,532

1,839,977

Total return of Industrials Select Sector Index

5.5700% representing 1 month SOFR rate + spread

Barclays

12/23/2024

31,971

35,982,612

5,772,879

$ 72,452,879

$9,246,916

The accompanying notes are an integral part of these financial statements.

65

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 73.7%
			Administrative and Support Services — 2.5%
13,639			Royalty Pharma PLC ADR (United Kingdom)			$368,253
			Ambulatory Health Care Services — 5.6%
4,037			Axsome Therapeutics, Inc.(a)			359,414
27,891			Fulcrum Therapeutics, Inc.(a)			88,136
32,424			Viatris, Inc.			376,118
						823,668
			Chemical Manufacturing — 51.2%
4,924			Amphastar Pharmaceuticals, Inc.(a)			248,810
2,872			ANI Pharmaceuticals, Inc.(a)			164,408
7,694			Bristol-Myers Squibb Co.			429,094
10,761			Cassava Sciences, Inc.(a)(b)			277,687
6,342			Catalent, Inc.(a)			371,641
5,363			Collegium Pharmaceutical, Inc.(a)			183,093
9,920			Corcept Therapeutics, Inc.(a)			485,782
11,411			Edgewise Therapeutics, Inc.(a)			383,067
26,125			Elanco Animal Health, Inc.(a)			330,220
409			Eli Lilly & Co.			339,364
2,820			Enliven Therapeutics, Inc.(a)(b)			78,537
4,837			Evolus, Inc.(a)			78,940
4,046			Harmony Biosciences Holdings, Inc.(a)(b)			129,998
5,575			Innoviva, Inc.(a)(b)			109,047
5,015			Intra-Cellular Therapies, Inc.(a)			425,021
3,475			Jazz Pharmaceuticals PLC ADR (Ireland)(a)			382,354
1,681			Ligand Pharmaceuticals, Inc.(a)			177,682
3,263			Merck & Co., Inc.			333,870
15,881			Ocular Therapeutix, Inc.(a)			167,227
18,467			Organon & Co.			346,810
12,793			Pacira BioSciences, Inc.(a)(b)			212,364
13,622			Perrigo Co. PLC ADR (Ireland)			349,132
12,916			Pfizer, Inc.			365,523
5,845			Phathom Pharmaceuticals, Inc.(a)(b)			100,242
7,386			Pliant Therapeutics, Inc.(a)			103,921
3,303			Prestige Consumer Healthcare, Inc.(a)			243,596
6,523			Supernus Pharmaceuticals, Inc.(a)			222,239
8,550			Wave Life Sciences Ltd. ADR(a)			117,221
16,469			Xeris Biopharma Holdings, Inc.(a)			53,030
1,979			Zoetis, Inc.			353,806
						7,563,726
			Merchant Wholesalers, Nondurable Goods — 2.9%
16,236			Amneal Pharmaceuticals, Inc.(a)			137,519
6,593			Tarsus Pharmaceuticals, Inc.(a)			293,323
						430,842

The accompanying notes are an integral part of these financial statements.

66

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Miscellaneous Manufacturing — 3.2%
9,862			EyePoint Pharmaceuticals, Inc.(a)			$115,977
2,285			Johnson & Johnson			365,280
						481,257
			Professional, Scientific, and Technical Services — 7.3%
11,112			Arvinas, Inc.(a)			293,690
2,990			Harrow, Inc.(a)			134,729
9,756			Liquidia Corp.(a)			105,853
7,562			Longboard Pharmaceuticals, Inc.(a)			451,603
7,541			Neumora Therapeutics, Inc.(a)			86,344
						1,072,219
			Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 0.3%
22,964			Nuvation Bio, Inc.(a)			50,750
			Support Activities for Mining — 0.7%
16,077			Mind Medicine MindMed, Inc. ADR(a)			101,285
			TOTAL COMMON STOCKS (Cost $10,089,750)			$10,892,000
			SHORT TERM INVESTMENTS — 30.3%
			Money Market Funds — 30.3%
2,047,586			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$2,047,586
1,360,595			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(c)			1,360,595
1,063,801			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			1,063,801
			TOTAL SHORT TERM INVESTMENTS (Cost $4,471,982)			$4,471,982
			TOTAL INVESTMENTS (Cost $14,561,732) — 104.0%(e)			$15,363,982
			Liabilities in Excess of Other Assets — (4.0)%			(591,747)
			TOTAL NET ASSETS — 100.0%			$14,772,235

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $11,033,732.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

67

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of S&P Pharmaceuticals Select Industry Index

5.5700% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

3,129

$14,353,235

$1,684,564

Total return of S&P Pharmaceuticals Select Industry Index

5.4700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

1,943

9,148,851

857,021

Total return of S&P Pharmaceuticals Select Industry Index

5.4700% representing 1 month SOFR rate + spread

Barclays

12/23/2024

1,254

6,767,391

(159,862)

$ 30,269,477

$2,381,723

The accompanying notes are an integral part of these financial statements.

68

Direxion Daily Real Estate Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 61.5%
			Accommodation — 0.7%
37,931			Host Hotels & Resorts, Inc.			$653,931
			Administrative and Support Services — 2.0%
15,841			Iron Mountain, Inc.			1,960,007
			Professional, Scientific, and Technical Services — 1.9%
11,440			Extra Space Storage, Inc.			1,868,152
			Real Estate — 49.0%
8,410			Alexandria Real Estate Equities, Inc.			938,136
25,223			American Tower Corp.			5,386,119
7,667			AvalonBay Communities, Inc.			1,699,084
7,845			BXP, Inc.			631,993
5,757			Camden Property Trust			666,603
16,264			CBRE Group, Inc. Class A(a)			2,130,096
23,470			Crown Castle, Inc.			2,522,790
16,622			Digital Realty Trust, Inc.			2,962,539
18,419			Equity Residential			1,296,145
3,468			Essex Property Trust, Inc.			984,427
4,068			Federal Realty Investment Trust			450,897
38,006			Healthpeak Properties, Inc.			853,235
30,762			Invitation Homes, Inc.			966,234
36,400			Kimco Realty Corp.			863,408
6,314			Mid-America Apartment Communities, Inc.			955,561
49,994			Prologis, Inc.			5,646,322
8,507			Public Storage			2,799,313
47,026			Realty Income Corp.			2,791,934
8,822			Regency Centers Corp.			630,244
16,547			Simon Property Group, Inc.			2,798,429
16,208			UDR, Inc.			683,816
22,315			Ventas, Inc.			1,461,409
56,545			VICI Properties, Inc.			1,795,869
31,247			Welltower, Inc.			4,214,595
39,275			Weyerhaeuser Co.			1,223,809
						47,353,007
			Telecommunications — 6.2%
5,130			Equinix, Inc.			4,658,451
5,807			SBA Communications Corp.			1,332,532
						5,990,983
			Web Search Portals, Libraries, Archives, and Other Information Services — 1.7%
22,127			CoStar Group, Inc.(a)			1,610,624
			TOTAL COMMON STOCKS (Cost $55,150,588)			$59,436,704

The accompanying notes are an integral part of these financial statements.

69

Direxion Daily Real Estate Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			SHORT TERM INVESTMENTS — 29.6%
			Money Market Funds — 29.6%
10,944,807			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$10,944,807
17,680,758			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			17,680,758
			TOTAL SHORT TERM INVESTMENTS (Cost $28,625,565)			$28,625,565
			TOTAL INVESTMENTS (Cost $83,776,153) — 91.1%(c)			$88,062,269
			Other Assets in Excess of Liabilities — 8.9%			8,557,719
			TOTAL NET ASSETS — 100.0%			$96,619,988

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $70,122,090.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of Real Estate Select Sector Index

5.0500% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

500,448

$92,332,640

$13,009,984

Total return of Real Estate Select Sector Index

5.1800% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

145,458

29,440,049

1,067,501

Total return of Real Estate Select Sector Index

5.7700% representing 1 month SOFR rate + spread

J.P. Morgan

1/13/2025

441,169

82,812,178

9,431,763

$ 204,584,867

$23,509,248

The accompanying notes are an integral part of these financial statements.

70

Direxion Daily Real Estate Bear 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 115.3%
			Money Market Funds — 115.3%
28,602,113			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$28,602,113
47,903,184			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			47,903,184
			TOTAL SHORT TERM INVESTMENTS (Cost $76,505,297)(b)			$76,505,297
			TOTAL INVESTMENTS (Cost $76,505,297) — 115.3%			$76,505,297
			Liabilities in Excess of Other Assets — (15.3)%			(10,147,804)
			TOTAL NET ASSETS — 100.0%			$66,357,493

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $51,468,760.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

4.8500% representing 1 month SOFR rate + spread

Total return of Real Estate Select Sector Index

Bank of America Merrill Lynch

12/11/2024

97,834

$18,995,259

$(1,427,788)

4.8700% representing 1 month SOFR rate + spread

Total return of Real Estate Select Sector Index

UBS Securities LLC

12/17/2024

170,444

36,872,349

794,892

5.5700% representing 1 month SOFR rate + spread

Total return of Real Estate Select Sector Index

J.P. Morgan

1/13/2025

670,913

130,733,692

(9,444,592)

$ 186,601,300

$(10,077,488)

The accompanying notes are an integral part of these financial statements.

71

Direxion Daily Regional Banks Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 69.8%
			Credit Intermediation and Related Activities — 63.2%
13,348			1st Source Corp.			$790,602
25,296			Amalgamated Financial Corp.			838,942
22,471			Amerant Bancorp, Inc.			479,082
56,473			Ameris Bancorp			3,500,761
235,176			Associated Banc-Corp.			5,583,078
77,274			Atlantic Union Bankshares Corp.			2,920,957
107,369			Axos Financial, Inc.(a)			7,271,029
11,913			BancFirst Corp.			1,295,062
57,963			Bank of Hawaii Corp.			4,186,667
280,731			Bank OZK			12,281,981
121,212			BankUnited, Inc.			4,283,632
32,390			Banner Corp.			2,074,256
50,622			Berkshire Hills Bancorp, Inc.			1,378,437
26,035			BOK Financial Corp.			2,765,698
93,767			Brookline Bancorp, Inc.			1,054,879
233,554			Cadence Bank			7,807,710
8,002			Camden National Corp.			335,684
135,552			Capitol Federal Financial, Inc.			873,633
59,622			Cathay General Bancorp			2,741,420
582,365			Citizens Financial Group, Inc.			24,529,214
9,026			City Holding Co.			1,052,432
8,754			Coastal Financial Corp.(a)			551,414
360,576			Columbia Banking System, Inc.			10,280,022
93,788			Commerce Bancshares, Inc.			5,861,750
45,900			Community Bank System, Inc.			2,806,326
8,229			Community Trust Bancorp, Inc.			426,262
25,520			ConnectOne Bancorp, Inc.			618,605
84,230			Customers Bancorp, Inc.(a)			3,885,530
143,329			CVB Financial Corp.			2,784,882
32,405			Dime Community Bancshares, Inc.			974,418
51,705			Eagle Bancorp, Inc.			1,355,188
119,113			East West Bancorp, Inc.			11,612,326
176,488			Eastern Bankshares, Inc.			2,882,049
20,878			Enterprise Financial Services Corp.			1,100,688
413,801			F.N.B. Corp.			6,000,114
22,527			FB Financial Corp.			1,108,328
26,579			First Bancorp			1,108,344
195,895			First BanCorp ADR			3,776,856
38,408			First Bancshares, Inc.			1,285,516
31,812			First Busey Corp.			773,350
89,575			First Commonwealth Financial Corp.			1,472,613
67,045			First Financial Bancorp			1,715,011
111,612			First Financial Bankshares, Inc.			4,033,658
7,666			First Financial Corp.			329,331
103,832			First Hawaiian, Inc.			2,568,804
1,133,482			First Horizon National Corp.			19,643,243

The accompanying notes are an integral part of these financial statements.

72

Direxion Daily Regional Banks Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Credit Intermediation and Related Activities — (Continued)
41,227			First Merchants Corp.			$1,527,460
882,156			Flagstar Financial, Inc.(b)			8,927,419
29,679			Flushing Financial Corp.			465,218
241,398			Fulton Financial Corp.			4,371,718
4,549			Great Southern Bancorp, Inc.			257,883
91,646			Hancock Whitney Corp.			4,772,924
34,553			Hanmi Financial Corp. Class A			790,227
19,562			HarborOne Bancorp, Inc.			232,201
38,001			Heartland Financial USA, Inc.			2,261,059
73,201			Heritage Commerce Corp.			710,782
32,187			Heritage Financial Corp.			739,979
57,458			Hilltop Holdings, Inc.			1,759,938
120,254			Hope Bancorp, Inc.			1,489,947
22,208			Horizon Bancorp, Inc.			355,772
1,623,598			Huntington Bancshares, Inc.			25,311,893
43,057			Independent Bank Corp. (Massachusetts)			2,708,285
18,997			Independent Bank Corp. (Michigan)			622,722
38,533			Independent Bank Group, Inc.			2,248,786
39,787			International Bancshares Corp.			2,437,352
78,850			Kearny Financial Corp.			551,161
19,451			Lakeland Financial Corp.			1,265,677
27,206			Live Oak Bancshares, Inc.(b)			1,080,350
138,246			M&T Bank Corp.			26,913,731
10,901			Mercantile Bank Corp.			467,217
28,587			Meta Financial Group, Inc.			2,022,816
14,607			Midland States Bancorp, Inc.			362,400
30,387			NBT Bancorp, Inc.			1,351,614
6,807			Nicolet Bankshares, Inc.			692,204
59,345			Northfield Bancorp, Inc.			698,491
54,512			OceanFirst Financial Corp.			992,118
39,720			OFG Bancorp ADR			1,599,524
323,316			Old National Bancorp			6,227,066
43,504			Old Second Bancorp, Inc.			714,336
17,295			Origin Bancorp, Inc.			542,890
89,785			Pacific Premier Bancorp, Inc.			2,290,415
8,685			Park National Corp.			1,500,594
16,823			Peapack-Gladstone Financial Corp.			540,691
21,563			Peoples Bancorp, Inc.			663,709
75,731			Pinnacle Financial Partners, Inc.			7,985,834
68,534			Popular, Inc. ADR			6,115,289
12,753			Preferred Bank			1,075,971
33,121			Premier Financial Corp.			816,764
94,476			Prosperity Bancshares, Inc.			6,915,643
150,277			Provident Financial Services, Inc.			2,807,174
1,062,693			Regions Financial Corp.			25,366,482

The accompanying notes are an integral part of these financial statements.

73

Direxion Daily Regional Banks Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Credit Intermediation and Related Activities — (Continued)
70,417			Renasant Corp.			$2,401,924
22,013			S&T Bancorp, Inc.			836,054
48,221			Sandy Spring Bancorp, Inc.			1,622,154
77,804			Seacoast Banking Corp. of Florida			2,077,367
83,058			Simmons First National Corp.			1,926,946
18,202			Southside Bancshares, Inc.			589,745
26,176			Stellar Bancorp, Inc.			712,511
244,156			Synovus Financial Corp.			12,176,060
59,079			Texas Capital Bancshares, Inc.(a)			4,546,129
46,185			TFS Financial Corp.			593,477
101,818			The Bancorp, Inc.(a)(b)			5,117,373
2,128			The Hingham Institution for Savings(b)			539,491
9,886			Tompkins Financial Corp.			638,042
40,355			Towne Bank			1,312,345
18,634			TriCo Bancshares			796,231
25,408			Triumph Financial, Inc.(a)			2,245,305
558,008			Truist Financial Corp.			24,022,244
13,600			TrustCo Bank Corp. NY			448,528
50,943			Trustmark Corp.			1,768,741
65,509			UMB Financial Corp.			7,188,303
88,315			United Bankshares, Inc.			3,327,709
86,802			United Community Banks, Inc.			2,470,385
15,567			Univest Financial Corp.			433,230
869,666			Valley National Bancorp			8,235,737
73,187			WaFd, Inc.			2,486,894
15,936			Washington Trust Bancorp, Inc.			543,896
239,611			Webster Financial Corp.			12,411,850
39,572			WesBanco, Inc.			1,244,539
19,524			Westamerica Bancorp			1,005,876
149,897			Western Alliance Bancorp			12,472,929
64,458			Wintrust Financial Corp.			7,470,038
44,365			WSFS Financial Corp.			2,181,427
308,049			Zions Bancorp			16,037,031
						482,432,021
			Management of Companies and Enterprises — 6.4%
345,343			Banc of California, Inc.			5,304,468
25,758			Byline Bancorp, Inc.			693,148
27,999			Central Pacific Financial Corp.			754,293
13,731			Columbia Financial, Inc.(a)			234,525
79,820			Cullen/Frost Bankers, Inc.			10,165,077
107,995			First Foundation, Inc.			726,806
104,042			First Interstate BancSystem, Inc.			3,204,494
89,577			Glacier Bancorp, Inc.			4,671,441
152,584			Home Bancshares, Inc.			4,164,017
14,365			Metropolitan Bank Holding Corp.(a)			768,528

The accompanying notes are an integral part of these financial statements.

74

Direxion Daily Regional Banks Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Management of Companies and Enterprises — (Continued)
44,396			National Bank Holdings Corp.			$1,996,044
45,213			NB Bancorp, Inc.(a)			854,074
113,473			Northwest Bancshares, Inc.			1,508,056
30,391			ServisFirst Bancshares, Inc.			2,526,708
89,232			South State Corp.			8,702,797
12,415			Stock Yards Bancorp, Inc.			800,519
56,166			Veritex Holdings, Inc.			1,516,482
						48,591,477
			Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 0.2%
44,795			CrossFirst Bankshares, Inc.(a)			703,282
11,679			QCR Holdings, Inc.			923,809
						1,627,091
			TOTAL COMMON STOCKS (Cost $476,173,448)			$532,650,589
			SHORT TERM INVESTMENTS — 33.7%
			Money Market Funds — 33.7%
107,428,701			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$107,428,701
16,824,129			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(c)			16,824,129
25,270,405			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(c)			25,270,405
107,284,059			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			107,284,059
			TOTAL SHORT TERM INVESTMENTS (Cost $256,807,294)			$256,807,294
			TOTAL INVESTMENTS (Cost $732,980,742) — 103.5%(e)			$789,457,883
			Liabilities in Excess of Other Assets — (3.5)%			(26,543,851)
			TOTAL NET ASSETS — 100.0%			$762,914,032

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $569,870,333.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

75

Direxion Daily Regional Banks Bull 3X Shares

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of S&P Regional Banks Select Industry Index

5.3700% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

200,000

$297,592,979

$67,111,171

Total return of S&P Regional Banks Select Industry Index

5.6700% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

98,061

166,752,764

14,271,941

Total return of S&P Regional Banks Select Industry Index

5.6200% representing 1 month SOFR rate + spread

Societe Generale

12/16/2024

65,000

112,017,324

6,054,534

Total return of S&P Regional Banks Select Industry Index

5.6200% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

100,000

160,500,740

22,327,065

Total return of S&P Regional Banks Select Industry Index

5.6200% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

126,661

189,396,772

42,944,387

Total return of S&P Regional Banks Select Industry Index

5.5700% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

181,895

266,726,809

67,284,560

Total return of S&P Regional Banks Select Industry Index

5.6200% representing 1 month SOFR rate + spread

Barclays

12/23/2024

175,984

262,526,193

60,571,136

$ 1,455,513,581

$280,564,794

The accompanying notes are an integral part of these financial statements.

76

Direxion Daily Retail Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 75.2%
			Administrative and Support Services — 1.0%
17,151			Revolve Group, Inc.(a)(b)			$425,688
			Building Material and Garden Equipment and Supplies Dealers — 1.0%
1,494			Tractor Supply Co.			396,672
			Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 17.6%
2,973			Abercrombie & Fitch Co. Class A(a)			391,812
7,165			Academy Sports & Outdoors, Inc.			364,412
21,375			American Eagle Outfitters, Inc.			418,736
15,537			Bath & Body Works, Inc.			440,940
2,735			Boot Barn Holdings, Inc.(a)			340,644
13,296			Caleres, Inc.			396,886
15,693			Foot Locker, Inc.(a)			363,921
19,932			Gap, Inc.			413,988
5,921			Genesco, Inc.(a)			151,696
21,038			Guess?, Inc.			357,436
18,875			Nordstrom, Inc.			426,764
2,724			Ross Stores, Inc.			380,597
8,912			Shoe Carnival, Inc.(b)			305,414
4,638			Signet Jewelers Ltd. ADR(b)			425,212
9,613			The Buckle, Inc.			409,129
3,529			TJX Companies, Inc.			398,883
11,734			Urban Outfitters, Inc.(a)			421,837
17,975			Victoria’s Secret & Co.(a)			543,923
10,622			Zumiez, Inc.(a)			218,813
						7,171,043
			Food and Beverage Retailers — 5.4%
22,181			Albertsons Companies, Inc. Class A			401,476
25,717			Grocery Outlet Holding Corp.(a)			367,753
3,814			Ingles Markets, Inc.			243,562
7,562			Kroger Co.			421,733
4,140			Sprouts Farmers Market, Inc.(a)			531,700
3,513			Weis Markets, Inc.			220,933
						2,187,157
			Food Services and Drinking Places — 1.1%
1,108			Casey’s General Stores, Inc.			436,574
			Furniture, Home Furnishings, Electronics, and Appliance Retailers — 2.1%
4,294			Best Buy Co., Inc.			388,306
20,473			GameStop Corp. Class A(a)			454,091
						842,397
			General Merchandise Retailers — 16.1%
2,266			Amazon.com, Inc.(a)			422,382
5,189			BJ’s Wholesale Club Holdings, Inc.(a)			439,664
1,524			Burlington Stores, Inc.(a)			377,601
461			Costco Wholesale Corp.			402,997

The accompanying notes are an integral part of these financial statements.

77

Direxion Daily Retail Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			General Merchandise Retailers — (Continued)
1,209			Dillard’s, Inc. Class A(b)			$449,168
4,988			Dollar General Corp.			399,239
6,065			Dollar Tree, Inc.(a)			392,042
6,665			eBay, Inc.			383,304
7,598			Etsy, Inc.(a)			390,841
4,380			Five Below, Inc.(a)			415,180
21,441			Kohl’s Corp.(b)			396,230
28,185			Macy’s, Inc.			432,358
4,710			PriceSmart, Inc.			391,307
2,794			Target Corp.			419,212
5,246			Walmart, Inc.			429,910
1,164			Winmark Corp.			434,044
						6,575,479
			Health and Personal Care Retailers — 4.3%
32,673			Sally Beauty Holdings, Inc.(a)			424,749
1,118			Ulta Beauty, Inc.(a)			412,520
45,903			Walgreens Boots Alliance, Inc.(b)			434,242
28,859			Warby Parker, Inc.(a)			488,583
						1,760,094
			Merchant Wholesalers, Durable Goods — 0.3%
3,341			America’s Car-Mart, Inc.(a)(b)			130,433
			Miscellaneous Manufacturing — 1.0%
38,859			National Vision Holdings, Inc.(a)			404,134
			Motor Vehicle and Parts Dealers — 14.0%
10,205			Advance Auto Parts, Inc.(b)			364,216
1,907			Asbury Automotive Group, Inc.(a)			434,491
2,533			AutoNation, Inc.(a)			393,806
135			AutoZone, Inc.(a)			406,215
5,367			CarMax, Inc.(a)			388,463
2,979			Carvana Co.(a)			736,737
70,832			EVgo, Inc.(a)			555,323
1,160			Group 1 Automotive, Inc.			422,611
11,143			MarineMax, Inc.(a)			324,596
794			Murphy USA, Inc.			387,829
376			O’Reilly Automotive, Inc.(a)			433,581
2,778			Penske Automotive Group, Inc.			418,283
7,555			Sonic Automotive, Inc.			428,595
						5,694,746
			Printing and Related Support Activities — 0.2%
14,634			Arko Corp.			97,316
			Professional, Scientific, and Technical Services — 0.5%
20,397			Groupon, Inc.(a)(b)			209,273

The accompanying notes are an integral part of these financial statements.

78

Direxion Daily Retail Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Rental and Leasing Services — 1.0%
13,669			Upbound Group, Inc.			$399,681
			Repair and Maintenance — 1.0%
10,363			Valvoline, Inc.(a)			417,422
			Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers — 7.4%
7,387			Build-A-Bear Workshop, Inc.			281,371
18,137			Camping World Holdings, Inc.			363,828
13,221			Chewy, Inc.(a)			356,570
1,949			Dick’s Sporting Goods, Inc.			381,517
129,735			Leslie’s, Inc.(a)			348,987
16,330			Monro Muffler Brake, Inc.			447,605
4,308			Ollie’s Bargain Outlet Holdings, Inc.(a)(b)			395,604
14,390			The ODP Corp.(a)			446,522
						3,022,004
			Truck Transportation — 1.2%
1,512			Lithia Motors, Inc. Class A			502,543
			TOTAL COMMON STOCKS (Cost $30,449,865)			$30,672,656
			SHORT TERM INVESTMENTS — 28.3%
			Money Market Funds — 28.3%
3,650,545			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$3,650,545
80,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(c)			80,000
7,793,389			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			7,793,389
			TOTAL SHORT TERM INVESTMENTS (Cost $11,523,934)			$11,523,934
			TOTAL INVESTMENTS (Cost $41,973,799) — 103.5%(e)			$42,196,590
			Liabilities in Excess of Other Assets — (3.5)%			(1,431,333)
			TOTAL NET ASSETS — 100.0%			$40,765,257

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $31,401,779.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

79

Direxion Daily Retail Bull 3X Shares

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of S&P Retail Select Industry® Index

5.4200% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

5,168

$36,754,919

$2,780,218

Total return of S&P Retail Select Industry® Index

5.4700% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

348

2,515,168

105,220

Total return of S&P Retail Select Industry® Index

5.4200% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

5,991

47,130,591

(312,351)

Total return of S&P Retail Select Industry® Index

5.4700% representing 1 month SOFR rate + spread

Barclays

12/23/2024

53

415,143

(5,588)

$ 86,815,821

$2,567,499

The accompanying notes are an integral part of these financial statements.

80

Direxion Daily S&P 500^® High Beta Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 78.9%
			Accommodation — 1.4%
2,436			Airbnb, Inc. Class A(a)			$328,348
6,419			MGM Resorts International(a)			236,669
						565,017
			Administrative and Support Services — 3.1%
64			Booking Holdings, Inc.			299,280
890			Equifax, Inc.			235,868
1,720			Royal Caribbean Cruises Ltd. ADR (Liberia)			354,922
4,268			Uber Technologies, Inc.(a)			307,509
						1,197,579
			Air Transportation — 1.1%
5,528			United Continental Holdings, Inc.(a)			432,621
			Apparel Manufacturing — 0.7%
1,665			Deckers Outdoor Corp.(a)			267,882
			Broadcasting and Content Providers — 0.6%
28,527			Warner Bros Discovery, Inc.(a)			231,924
			Chemical Manufacturing — 1.1%
4,752			Albemarle Corp.(b)			450,157
			Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 0.7%
929			Lululemon Athletica, Inc.(a)			276,749
			Computer and Electronic Product Manufacturing — 23.9%
3,504			Advanced Micro Devices, Inc.(a)			504,821
1,525			Alphabet, Inc. Class C			263,352
3,736			Amphenol Corp. Class A			250,387
1,283			Analog Devices, Inc.			286,250
1,127			Arista Networks, Inc.(a)			435,518
2,935			Broadcom, Inc.			498,275
3,467			Enphase Energy, Inc.(a)			287,900
1,359			First Solar, Inc.(a)			264,298
12,717			Intel Corp.			273,670
2,719			Jabil Circuit, Inc.			334,682
1,911			Keysight Technologies, Inc.(a)			284,758
5,194			Lam Research Corp.			386,174
4,541			Microchip Technology, Inc.			333,173
3,893			Micron Technology, Inc.			387,938
611			Monolithic Power Systems, Inc.			463,932
4,546			NVIDIA Corp.			603,527
1,406			NXP Semiconductors NV ADR (Netherlands)			329,707
5,502			ON Semiconductor Corp.(a)			387,836
845			Palto Alto Networks, Inc.(a)			304,479
2,691			Qorvo, Inc.(a)			191,761
2,091			Qualcomm, Inc.			340,352
2,904			Skyworks Solutions, Inc.			254,332

The accompanying notes are an integral part of these financial statements.

81

Direxion Daily S&P 500^® High Beta Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Computer and Electronic Product Manufacturing — (Continued)
14,446			Super Micro Computer, Inc.(a)			$420,523
3,553			Teradyne, Inc.			377,364
1,188			Texas Instruments, Inc.			241,354
5,245			Western Digital Corp.(a)			342,551
788			Zebra Technologies Corp. Class A(a)			300,992
						9,349,906
			Construction of Buildings — 1.9%
1,391			D.R. Horton, Inc.			235,079
1,418			Lennar Corp. Class A			241,485
2,094			PulteGroup, Inc.			271,236
						747,800
			Credit Intermediation and Related Activities — 0.7%
15,415			KeyCorp			265,909
			Electrical Equipment, Appliance, and Component Manufacturing — 1.7%
2,354			Generac Holdings, Inc.(a)			389,705
968			Rockwell Automation, Inc.			258,175
						647,880
			Food Manufacturing — 0.8%
3,945			Lamb Weston Holdings, Inc.			306,487
			Funds, Trusts, and Other Financial Vehicles — 0.6%
2,183			T. Rowe Price Group, Inc.			239,824
			General Merchandise Retailers — 0.8%
1,657			Amazon.com, Inc.(a)			308,865
			Machinery Manufacturing — 3.1%
2,098			Applied Materials, Inc.			380,955
4,081			Carrier Global Corp.			296,770
1,397			General Electric Co.			239,977
453			Parker Hannifin Corp.			287,234
						1,204,936
			Management of Companies and Enterprises — 1.3%
19,618			Norwegian Cruise Line Holdings Ltd. ADR(a)			497,120
			Merchant Wholesalers, Durable Goods — 3.9%
2,454			Builders FirstSource, Inc.(a)			420,616
4,400			Copart, Inc.(a)			226,468
708			Hubbell, Inc.			302,337
540			KLA-Tencor Corp.			359,764
1,732			Mohawk Industries, Inc.(a)			232,556
						1,541,741

The accompanying notes are an integral part of these financial statements.

82

Direxion Daily S&P 500^® High Beta Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Mining (except Oil and Gas) — 1.3%
6,003			Freeport-McMoRan Copper & Gold, Inc.			$270,255
400			Martin Marietta Materials, Inc.			236,936
						507,191
			Miscellaneous Manufacturing — 2.9%
1,496			Align Technology, Inc.(a)			306,725
1,257			Insulet Corp.(a)			291,033
531			Intuitive Surgical, Inc.(a)			267,539
1,050			ResMed, Inc.			254,594
						1,119,891
			Motor Vehicle and Parts Dealers — 0.6%
3,233			CarMax, Inc.(a)			234,005
			Performing Arts, Spectator Sports, and Related Industries — 1.0%
10,296			Caesars Entertainment, Inc.(a)			412,355
			Professional, Scientific, and Technical Services — 5.6%
1,257			Charles River Laboratories International, Inc.(a)			224,475
948			Eaton Corporation PLC ADR (Ireland)			314,338
1,049			EPAM Systems, Inc.(a)			197,894
519			IDEXX Laboratories, Inc.(a)			211,191
979			IQVIA Holdings, Inc.(a)			201,498
673			Meta Platforms, Inc.			381,981
1,998			Oracle Corp.			335,344
345			ServiceNow, Inc.(a)			321,882
						2,188,603
			Publishing Industries — 7.9%
485			Adobe, Inc.(a)			231,869
788			Ansys, Inc.(a)			252,483
1,102			Autodesk, Inc.(a)			312,748
1,252			Cadence Design Systems, Inc.(a)			345,702
1,492			CrowdStrike Holdings, Inc.(a)			442,930
4,846			Dayforce, Inc.(a)			343,824
138			Fair Isaac Corp.(a)			275,049
421			Intuit, Inc.			256,936
1,068			Salesforce, Inc.			311,183
652			Synopsys, Inc.(a)			334,874
						3,107,598
			Real Estate — 1.5%
2,211			Alexandria Real Estate Equities, Inc.			246,637
4,052			BXP, Inc.			326,429
						573,066
			Rental and Leasing Services — 1.0%
474			United Rentals, Inc.			385,267

The accompanying notes are an integral part of these financial statements.

83

Direxion Daily S&P 500^® High Beta Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 2.4%
14,497			Invesco Ltd. ADR			$251,378
2,486			KKR & Co., Inc.			343,664
2,161			The Blackstone Group, Inc.			362,508
						957,550
			Specialty Trade Contractors — 0.9%
1,146			Quanta Services, Inc.			345,668
			Telecommunications — 0.8%
4,003			PayPal Holdings, Inc.(a)			317,438
			Transportation Equipment Manufacturing — 1.8%
3,431			Aptiv PLC ADR (United Kingdom)(a)			194,984
1,983			Tesla, Inc.(a)			495,452
						690,436
			Utilities — 2.6%
14,003			AES Corp.			230,909
1,433			Constellation Energy Corp.			376,822
3,250			Vistra Corp.			406,120
						1,013,851
			Water Transportation — 1.2%
21,549			Carnival Corp. ADR (Panama)(a)			474,078
			TOTAL COMMON STOCKS (Cost $30,430,171)			$30,859,394
			SHORT TERM INVESTMENTS — 28.4%
			Money Market Funds — 28.4%
4,270,229			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)			$4,270,229
940,345			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(c)			940,345
5,906,870			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			5,906,870
			TOTAL SHORT TERM INVESTMENTS (Cost $11,117,444)			$11,117,444
			TOTAL INVESTMENTS (Cost $41,547,615) — 107.3%(d)			$41,976,838
			Liabilities in Excess of Other Assets — (7.3)%			(2,871,223)
			TOTAL NET ASSETS — 100.0%			$39,105,615

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $28,449,457.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

84

Direxion Daily S&P 500^® High Beta Bull 3X Shares

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of S&P 500® High Beta Index

5.7000% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

335

$6,167,796

$506,728

Total return of S&P 500® High Beta Index

5.4700% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

928

17,907,617

531,547

Total return of S&P 500® High Beta Index

5.3900% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

2,228

42,685,205

1,066,862

Total return of S&P 500® High Beta Index

5.4900% representing 1 month SOFR rate + spread

Barclays

12/23/2024

742

14,268,514

620,189

$ 81,029,132

$2,725,326

The accompanying notes are an integral part of these financial statements.

85

Direxion Daily S&P 500^® High Beta Bear 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 111.6%
			Money Market Funds — 111.6%
18,410,979			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$ 18,410,979
211,045			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			211,045
14,683,655			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			14,683,655
			TOTAL SHORT TERM INVESTMENTS (Cost $33,305,679)(b)			$33,305,679
			TOTAL INVESTMENTS (Cost $33,305,679) — 111.6%			$ 33,305,679
			Liabilities in Excess of Other Assets — (11.6)%			(3,464,362)
			TOTAL NET ASSETS — 100.0%			$29,841,317

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $21,444,465.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

5.0200% representing 1 month SOFR rate + spread

Total return of S&P 500® High Beta Index

Bank of America Merrill Lynch

12/11/2024

1,296

$23,168,190

$(2,426,812)

5.4800% representing 1 month SOFR rate + spread

Total return of S&P 500® High Beta Index

J.P. Morgan

12/16/2024

1,094

23,132,208

833,964

5.0900% representing 1 month SOFR rate + spread

Total return of S&P 500® High Beta Index

UBS Securities LLC

12/17/2024

1,666

32,763,616

(740,182)

5.2500% representing 1 month SOFR rate + spread

Total return of S&P 500® High Beta Index

Barclays

12/23/2024

327

6,694,124

45,918

$ 85,758,138

$(2,287,112)

The accompanying notes are an integral part of these financial statements.

86

Direxion Daily S&P Biotech Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 70.3%
			Administrative and Support Services — 0.1%
97,891			Tango Therapeutics, Inc.(a)			$532,038
			Ambulatory Health Care Services — 2.7%
77,278			ARS Pharmaceuticals, Inc.(a)			1,137,532
64,881			CareDx, Inc.(a)			1,435,817
39,089			Keros Therapeutics, Inc.(a)			2,268,726
127,265			Natera, Inc.(a)			15,393,974
85,981			Veracyte, Inc.(a)			2,900,999
33,352			Y-mAbs Therapeutics, Inc.(a)(b)			483,937
						23,620,985
			Apparel Manufacturing — 0.1%
308,569			Sana Biotechnology, Inc.(a)			1,079,991
			Chemical Manufacturing — 52.5%
121,116			89bio, Inc.(a)			942,282
82,901			AbbVie, Inc.			16,901,027
271,685			Acadia Pharmaceuticals Inc.(a)			3,963,884
371,725			ADMA Biologics, Inc.(a)			6,062,835
85,097			Agios Pharmaceuticals, Inc.(a)			3,780,860
242,891			Alkermes PLC ADR (Ireland)(a)			6,242,299
60,691			Alnylam Pharmaceuticals, Inc.(a)			16,179,614
148,124			Altimmune, Inc.(a)(b)			998,356
48,434			Amgen, Inc.			15,506,629
387,239			Amicus Therapeutics, Inc.(a)			4,422,269
151,428			Applied Therapeutics, Inc.(a)			1,338,624
109,363			Arbutus Biopharma Corp. ADR (Canada)(a)(b)			420,501
53,001			Arcellx, Inc.(a)			4,466,394
62,010			Arcturus Therapeutics Holdings, Inc.(a)			1,099,437
80,052			Arcus Biosciences, Inc.(a)			1,224,796
263,205			Arcutis Biotherapeutics, Inc.(a)			2,187,234
169,272			Arrowhead Pharmaceuticals, Inc.(a)(b)			3,255,101
50,757			Astria Therapeutics, Inc.(a)			567,463
108,816			Avid Bioservices, Inc.(a)(b)			1,083,807
189,559			Avidity Biosciences, Inc.(a)			8,010,763
177,889			Beam Therapeutics, Inc.(a)(b)			3,897,548
352,786			BioCryst Pharmaceuticals, Inc.(a)			2,825,816
82,296			Biogen, Inc.(a)			14,319,504
130,786			Biohaven Ltd. ADR(a)			6,507,911
189,635			BioMarin Pharmaceutical, Inc.(a)			12,495,050
111,270			Blueprint Medicines Corp.(a)			9,737,238
231,362			BridgeBio Pharma, Inc.(a)			5,416,184
116,465			Catalyst Pharmaceuticals, Inc.(a)			2,538,937
86,513			Celldex Therapeutics, Inc.(a)			2,254,529
108,094			Cogent Biosciences, Inc.(a)(b)			1,242,000
32,364			Corbus Pharmaceuticals Holdings, Inc.(a)			516,529

The accompanying notes are an integral part of these financial statements.

87

Direxion Daily S&P Biotech Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Chemical Manufacturing — (Continued)
92,657			Crinetics Pharmaceuticals, Inc.(a)			$5,185,086
111,892			Denali Therapeutics, Inc.(a)			2,904,716
29,140			Dianthus Therapeutics, Inc.(a)(b)			811,840
136,937			Emergent BioSolutions Inc.(a)			1,240,649
245,648			Exact Sciences Corp.(a)(b)			16,932,517
1,353,964			Geron Corp.(a)			5,564,792
194,420			Gilead Sciences, Inc.			17,268,384
176,488			Halozyme Therapeutics, Inc.(a)			8,924,998
234,851			Humacyte, Inc.(a)(b)			1,185,998
433,292			ImmunityBio, Inc.(a)(b)			2,257,451
82,804			Immunome, Inc.(a)(b)			949,762
253,302			Incyte Corp.(a)			18,774,744
215,642			Insmed, Inc.(a)			14,508,394
242,976			Intellia Therapeutics, Inc.(a)(b)			3,455,119
188,983			Ionis Pharmaceuticals, Inc.(a)			7,255,057
377,153			Ironwood Pharmaceuticals, Inc.(a)			1,489,754
47,386			iTeos Therapeutics, Inc.(a)			400,412
62,461			Janux Therapeutics, Inc.(a)			3,372,269
41,671			KalVista Pharmaceuticals, Inc.(a)(b)			427,961
43,585			Krystal Biotech, Inc.(a)(b)			7,519,720
42,432			Madrigal Pharmaceuticals, Inc.(a)(b)			11,004,315
299,104			MannKind Corp.(a)			2,114,665
81,254			Mirum Pharmaceuticals, Inc.(a)			3,125,029
105,017			Myriad Genetics, Inc.(a)			2,306,173
131,695			Neurocrine Biosciences, Inc.(a)			15,838,958
356,975			Novavax, Inc.(a)(b)			3,430,530
86,024			Olema Pharmaceuticals, Inc.(a)			991,857
61,407			ORIC Pharmaceuticals, Inc.(a)(b)			575,998
59,168			Prothena Corp. PLC ADR (Ireland)(a)			1,005,856
96,282			PTC Therapeutics, Inc.(a)			3,843,577
13,962			Regeneron Pharmaceuticals, Inc.(a)			11,702,948
72,872			REGENXBIO, Inc.(a)			625,970
96,234			Replimune Group, Inc.(a)			1,131,712
61,399			Rhythm Pharmaceuticals, Inc.(a)			2,930,574
122,393			Rocket Pharmaceuticals, Inc.(a)			2,037,843
624,121			Roivant Sciences Ltd. ADR (Ireland)(a)(b)			7,208,598
141,781			Sage Therapeutics, Inc.(a)			862,028
129,163			Sarepta Therapeutics, Inc.(a)			16,274,538
159,854			Savara, Inc.(a)			581,069
109,983			Scholar Rock Holding Corp.(a)(b)			3,127,917
53,849			Soleno Therapeutics, Inc.(a)			2,964,926
131,305			SpringWorks Therapeutics, Inc.(a)			3,956,220
67,113			Spyre Therapeutics, Inc.(a)(b)			2,183,186
78,714			Stoke Therapeutics, Inc.(a)			972,905
102,989			Summit Therapeutics, Inc.(a)(b)			1,914,566

The accompanying notes are an integral part of these financial statements.

88

Direxion Daily S&P Biotech Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Chemical Manufacturing — (Continued)
163,085			Syndax Pharmaceuticals, Inc.(a)			$3,075,783
323,720			TG Therapeutics, Inc.(a)(b)			​8,112,423
87,257			Travere Therapeutics, Inc.(a)(b)			1,526,998
132,260			Twist Bioscience Corp.(a)			5,338,014
93,560			Ultragenyx Pharmaceutical, Inc.(a)			4,770,624
47,474			United Therapeutics Corp.(a)			17,753,852
75,059			Vera Therapeutics, Inc.(a)			3,030,882
51,074			Vericel Corp.(a)			2,249,299
33,170			Vertex Pharmaceuticals, Inc.(a)			15,788,257
241,270			Viking Therapeutics, Inc.(a)(b)			17,501,726
86,194			Viridian Therapeutics, Inc.(a)			1,859,205
61,110			Xencor, Inc.(a)			1,283,921
						465,837,986
			Hospitals — 0.4%
40,738			Nuvalent, Inc.(a)			3,604,906
			Merchant Wholesalers, Durable Goods — 0.5%
156,848			Dyne Therapeutics, Inc.(a)			4,526,633
			Merchant Wholesalers, Nondurable Goods — 1.2%
85,954			Akero Therapeutics, Inc.(a)			2,649,962
136,778			C4 Therapeutics, Inc.(a)(b)			729,026
33,619			Praxis Precision Medicines, Inc.(a)			2,352,994
85,457			Protagonist Therapeutics, Inc.(a)			3,917,349
171,176			Relay Therapeutics, Inc.(a)			964,577
						10,613,908
			Miscellaneous Manufacturing — 0.3%
105,752			MiMedx Group, Inc.(a)			724,401
758,113			Ocugen, Inc.(a)(b)			690,641
96,164			Perspective Therapeutics, Inc.(a)			1,135,697
						2,550,739
			Professional, Scientific, and Technical Services — 11.1%
85,903			4D Molecular Therapeutics, Inc.(a)			688,083
69,173			Alector, Inc.(a)			340,331
301,356			Allogene Therapeutics, Inc.(a)			769,965
36,795			AnaptysBio, Inc.(a)			795,876
132,723			Anavex Life Sciences Corp.(a)(b)			878,626
168,128			Annexon, Inc.(a)			1,230,697
194,104			Apellis Pharmaceuticals, Inc.(a)			5,291,275
51,883			Apogee Therapeutics, Inc.(a)(b)			2,699,991
565,216			Ardelyx, Inc.(a)(b)			3,317,818
9,067			ArriVent Biopharma, Inc.(a)			266,026
26,291			CARGO Therapeutics, Inc.(a)(b)			512,675
53,804			Celcuity, Inc.(a)			833,962
74,729			CG Oncology, Inc.(a)(b)			2,655,121

The accompanying notes are an integral part of these financial statements.

89

Direxion Daily S&P Biotech Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Professional, Scientific, and Technical Services — (Continued)
203,564			Crispr Therapeutics AG ADR (Switzerland)(a)(b)			$9,443,334
109,028			Cullinan Therapeutics, Inc.(a)			​1,695,385
203,581			Cytokinetics, Inc.(a)			10,382,631
129,722			Day One Biopharmaceuticals, Inc.(a)			1,909,508
249,454			Dynavax Technologies Corp.(a)			2,956,030
220,750			Erasca, Inc.(a)			571,743
210,312			Exelixis, Inc.(a)			6,982,358
203,879			Fate Therapeutics, Inc.(a)			483,193
119,820			IDEAYA Biosciences, Inc.(a)			3,372,933
87,225			Kura Oncology, Inc.(a)			1,458,402
62,230			Kymera Therapeutics, Inc.(a)(b)			2,873,159
235,790			Moderna, Inc.(a)			12,817,544
88,989			Nurix Therapeutics, Inc.(a)			2,187,350
642,551			Recursion Pharmaceuticals, Inc.(a)(b)			4,060,922
159,586			Revolution Medicines, Inc.(a)			8,537,851
61,321			Vaxcyte, Inc.(a)			6,521,488
200,579			Verve Therapeutics, Inc.(a)			1,149,318
165,303			Vir Biotechnology, Inc.(a)			1,238,120
						98,921,715
			Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 0.7%
34,922			Disc Medicine, Inc.(a)			1,565,204
144,855			Immunovant, Inc.(a)			4,238,457
620,131			Scilex Holding Co.(a)(b)			595,512
						6,399,173
			Support Activities for Transportation — 0.7%
620,847			Iovance Biotherapeutics, Inc.(a)(b)			6,481,643
			TOTAL COMMON STOCKS (Cost $647,777,869)			$624,169,717
			SHORT TERM INVESTMENTS — 33.9%
			Money Market Funds — 33.9%
206,432,030			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$206,432,030
28,956,019			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(c)			28,956,019
65,286,617			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			65,286,617
			TOTAL SHORT TERM INVESTMENTS (Cost $300,674,666)			$300,674,666
			TOTAL INVESTMENTS (Cost $948,452,535) — 104.2%(e)			$924,844,383
			Liabilities in Excess of Other Assets — (4.2)%			(37,417,004)
			TOTAL NET ASSETS — 100.0%			$887,427,379

The accompanying notes are an integral part of these financial statements.

90

Direxion Daily S&P Biotech Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Percentages are stated as a percent of net assets

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $731,852,291.

ADR - American Depository Receipt

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of S&P Biotechnology Select Industry Index

5.3200% representing 1 month SOFR rate + spread

BNP Paribas

12/4/2024

61,129

$381,717,857

$62,907,365

Total return of S&P Biotechnology Select Industry Index

5.3700% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

40,149

284,183,844

11,717,429

Total return of S&P Biotechnology Select Industry Index

5.5200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

40,000

247,193,200

42,593,508

Total return of S&P Biotechnology Select Industry Index

5.3100% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

31,608

219,751,252

14,298,638

Total return of S&P Biotechnology Select Industry Index

5.5100% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

38,324

258,976,686

19,884,659

Total return of S&P Biotechnology Select Industry Index

5.5100% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

39,738

264,027,034

25,032,730

Total return of S&P Biotechnology Select Industry Index

5.7700% representing 1 month SOFR rate + spread

Barclays

12/23/2024

18,603

119,848,153

13,493,450

$ 1,775,698,026

$189,927,779

The accompanying notes are an integral part of these financial statements.

91

Direxion Daily S&P Biotech Bear 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 107.8%
			Money Market Funds — 107.8%
35,150,100			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$ 35,150,100
2,710,308			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			2,710,308
12,520,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			12,520,000
33,543,747			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			33,543,747
			TOTAL SHORT TERM INVESTMENTS (Cost $83,924,155)(b)			$83,924,155
			TOTAL INVESTMENTS (Cost $83,924,155) — 107.8%			$ 83,924,155
			Liabilities in Excess of Other Assets — (7.8)%			(6,088,422)
			TOTAL NET ASSETS — 100.0%			$77,835,733

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $52,873,950.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

5.1200% representing 1 month SOFR rate + spread

Total return of S&P Biotechnology Select Industry Index

Goldman Sachs

12/10/2024

1,692

$12,924,142

$385,915

5.3200% representing 1 month SOFR rate + spread

Total return of S&P Biotechnology Select Industry Index

Bank of America Merrill Lynch

12/11/2024

6,692

48,866,429

(2,813)

5.0500% representing 1 month SOFR rate + spread

Total return of S&P Biotechnology Select Industry Index

J.P. Morgan

12/16/2024

5,137

40,774,178

2,182,160

5.0700% representing 1 month SOFR rate + spread

Total return of S&P Biotechnology Select Industry Index

UBS Securities LLC

12/17/2024

3,531

26,177,168

300,330

5.2200% representing 1 month SOFR rate + spread

Total return of S&P Biotechnology Select Industry Index

Citibank N.A.

12/19/2024

6,893

51,005,860

(507,978)

5.3500% representing 1 month SOFR rate + spread

Total return of S&P Biotechnology Select Industry Index

Barclays

12/23/2024

6,936

54,232,204

2,299,529

$ 233,979,981

$4,657,143

The accompanying notes are an integral part of these financial statements.

92

Direxion Daily Semiconductor Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 70.2%
			Computer and Electronic Product Manufacturing — 57.6%
3,970,321			Advanced Micro Devices, Inc.(a)			$572,004,147
1,255,482			Analog Devices, Inc.			280,110,589
4,791,530			ASE Technology Holding Co., Ltd. ADR (Taiwan)			45,807,027
3,621,955			Broadcom, Inc.			614,899,300
13,380,378			Intel Corp.			287,945,735
3,591,081			Lam Research Corp.			266,996,872
1,010,815			Lattice Semiconductor Corp.(a)			51,207,888
3,589,865			Microchip Technology, Inc.			263,388,395
3,064,710			Micron Technology, Inc.			305,398,352
495,784			MKS Instruments, Inc.			49,246,225
315,510			Monolithic Power Systems, Inc.			239,566,743
4,941,060			NVIDIA Corp.			655,975,126
1,150,227			NXP Semiconductors NV ADR (Netherlands)			269,728,232
3,161,111			ON Semiconductor Corp.(a)			222,826,714
697,907			Qorvo, Inc.(a)			49,732,853
2,627,991			Qualcomm, Inc.			427,758,095
1,180,637			Skyworks Solutions, Inc.			103,400,188
1,971,858			STMicroelectronics NV ADR (Netherlands)			53,516,226
1,578,987			Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR			300,860,183
1,188,447			Teradyne, Inc.			126,224,956
2,148,810			Texas Instruments, Inc.			436,552,240
5,470,260			United Microelectronics Corp. ADR (Taiwan)			37,416,578
324,241			Universal Display Corp.			58,467,137
						5,719,029,801
			Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 0.7%
363,601			Onto Innovation, Inc.(a)			72,112,986
			Machinery Manufacturing — 4.8%
1,494,786			Applied Materials, Inc.			271,423,242
299,744			ASML Holding NV ADR (Netherlands)			201,592,827
						473,016,069
			Management of Companies and Enterprises — 0.4%
273,857			ARM Holdings PLC ADR (United Kingdom)(a)(b)			38,695,994
			Merchant Wholesalers, Durable Goods — 3.6%
1,114,240			Entegris, Inc.			116,672,070
360,229			KLA-Tencor Corp.			239,995,367
						356,667,437
			Professional, Scientific, and Technical Services — 3.1%
3,868,076			Marvell Technology, Inc.			309,871,568
			TOTAL COMMON STOCKS (Cost $6,695,761,760)			$6,969,393,855

The accompanying notes are an integral part of these financial statements.

93

Direxion Daily Semiconductor Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			SHORT TERM INVESTMENTS — 30.9%
			Money Market Funds — 30.9%
809,732,145			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$809,732,145
1,542,870,000			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(c)			1,542,870,000
618			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(c)			618
86,354,392			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			86,354,392
632,000,000			JPMorgan 100% U.S. Treasury Securities Money Market Fund Institutional Shares, 4.68%(c)			632,000,000
			TOTAL SHORT TERM INVESTMENTS (Cost $3,070,957,155)			$3,070,957,155
			TOTAL INVESTMENTS (Cost $9,766,718,915) — 101.1%(e)			$10,040,351,010
			Liabilities in Excess of Other Assets — (1.1)%			(113,333,294)
			TOTAL NET ASSETS — 100.0%			$9,927,017,716

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $9,013,236,471.

ADR - American Depository Receipt

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination			Terms of Payments to be Paid at Termination			Counterparty			Termination Date			Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
Total return of ICE Semiconductor Index			5.8100% representing 1 month SOFR rate + spread			BNP Paribas			12/4/2024			751,605			$795,302,984			$29,779,300
Total return of ICE Semiconductor Index			5.7000% representing 1 month SOFR rate + spread			Goldman Sachs			12/10/2024			3,510,566			3,664,064,748			126,253,681
Total return of ICE Semiconductor Index			5.7700% representing 1 month SOFR rate + spread			Bank of America Merrill Lynch			12/11/2024			4,644,308			5,213,327,388			(152,782,126)
Total return of ICE Semiconductor Index			5.5500% representing 1 month SOFR rate + spread			Societe Generale			12/16/2024			100,000			96,411,001			10,859,179
Total return of ICE Semiconductor Index			5.8200% representing 1 month SOFR rate + spread			J.P. Morgan			12/16/2024			980,363			1,004,234,576			59,917,520
Total return of ICE Semiconductor Index			5.7000% representing 1 month SOFR rate + spread			UBS Securities LLC			12/17/2024			2,339,378			2,514,557,872			55,588,104
Total return of ICE Semiconductor Index			5.7700% representing 1 month SOFR rate + spread			Citibank N.A.			12/19/2024			3,883,732			4,140,919,703			133,452,017
Total return of ICE Semiconductor Index			5.7400% representing 1 month SOFR rate + spread			Barclays			12/23/2024			4,265,206			4,700,961,813			(38,446,007)
															$22,129,780,085			$224,621,668

The accompanying notes are an integral part of these financial statements.

94

Direxion Daily Semiconductor Bear 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 95.9%
			Money Market Funds — 95.9%
391,041,955			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$ 391,041,955
119,326,276			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			119,326,276
83,049,840			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			83,049,840
228,902,966			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			228,902,966
			TOTAL SHORT TERM INVESTMENTS (Cost $822,321,037)(b)			$822,321,037
			TOTAL INVESTMENTS (Cost $822,321,037) — 95.9%			$ 822,321,037
			Other Assets in Excess of Liabilities — 4.1%			35,488,111
			TOTAL NET ASSETS — 100.0%			$857,809,148

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $513,928,413.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination			Terms of Payments to be Paid at Termination			Counterparty			Termination Date			Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
4.9700% representing 1 month SOFR rate + spread			Total return of ICE Semiconductor Index			BNP Paribas			12/4/2024			106,372			$139,005,817			$22,559,634
5.3500% representing 1 month SOFR rate + spread			Total return of ICE Semiconductor Index			Goldman Sachs			12/10/2024			368,438			430,443,192			21,072,805
5.5700% representing 1 month SOFR rate + spread			Total return of ICE Semiconductor Index			Bank of America Merrill Lynch			12/11/2024			490,114			579,760,183			38,578,465
5.3500% representing 1 month SOFR rate + spread			Total return of ICE Semiconductor Index			Societe Generale			12/16/2024			200,000			192,822,000			(22,063,296)
5.5700% representing 1 month SOFR rate + spread			Total return of ICE Semiconductor Index			J.P. Morgan			12/16/2024			32,587			34,871,868			(270,631)
5.3200% representing 1 month SOFR rate + spread			Total return of ICE Semiconductor Index			UBS Securities LLC			12/17/2024			431,692			512,400,766			33,619,770
5.4600% representing 1 month SOFR rate + spread			Total return of ICE Semiconductor Index			Citibank N.A.			12/19/2024			326,751			376,979,867			17,062,128
5.4700% representing 1 month SOFR rate + spread			Total return of ICE Semiconductor Index			Barclays			12/23/2024			353,774			406,893,118			15,048,355
															$ 2,673,176,811			$125,607,230

The accompanying notes are an integral part of these financial statements.

95

Direxion Daily Technology Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 69.5%
			Administrative and Support Services — 0.3%
18,542			Gartner, Inc.(a)			$9,317,355
			Computer and Electronic Product Manufacturing — 41.8%
389,433			Advanced Micro Devices, Inc.(a)			56,105,612
289,773			Amphenol Corp. Class A			19,420,587
119,396			Analog Devices, Inc.			26,638,442
1,403,228			Apple, Inc.			317,003,238
61,985			Arista Networks, Inc.(a)			23,953,483
566,554			Broadcom, Inc.			96,183,873
969,399			Cisco Systems, Inc.			53,093,983
69,217			Dell Technologies, Inc.			8,557,298
32,586			Enphase Energy, Inc.(a)			2,705,941
25,757			First Solar, Inc.(a)			5,009,221
152,760			Fortinet, Inc.(a)			12,016,102
235,457			HP, Inc.			8,363,433
1,026,706			Intel Corp.			22,094,713
221,641			International Business Machines Corp.			45,817,628
27,298			Jabil Circuit, Inc.			3,360,111
41,996			Keysight Technologies, Inc.(a)			6,257,824
313,709			Lam Research Corp.			23,324,264
129,090			Microchip Technology, Inc.			9,471,333
266,806			Micron Technology, Inc.			26,587,218
11,732			Monolithic Power Systems, Inc.			8,908,108
40,143			Motorola Solutions, Inc.			18,038,257
49,465			NetApp, Inc.			5,703,809
2,270,394			NVIDIA Corp.			301,417,507
61,292			NXP Semiconductors NV ADR (Netherlands)			14,372,974
103,069			ON Semiconductor Corp.(a)			7,265,334
77,914			Palto Alto Networks, Inc.(a)			28,074,752
22,828			Qorvo, Inc.(a)			1,626,723
268,043			Qualcomm, Inc.			43,629,359
25,795			Roper Technologies, Inc.			13,870,745
50,525			Seagate Technology Holdings PLC ADR (Ireland)			5,071,194
38,429			Skyworks Solutions, Inc.			3,365,612
121,183			Super Micro Computer, Inc.(a)(b)			3,527,637
11,259			Teledyne Technologies, Inc.(a)			5,126,448
39,264			Teradyne, Inc.			4,170,229
219,696			Texas Instruments, Inc.			44,633,439
58,757			Trimble, Inc.(a)			3,554,799
78,566			Western Digital Corp.(a)			5,131,145
12,410			Zebra Technologies Corp. Class A(a)			4,740,248
						1,288,192,623
			Machinery Manufacturing — 1.2%
199,223			Applied Materials, Inc.			36,174,912

The accompanying notes are an integral part of these financial statements.

96

Direxion Daily Technology Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Merchant Wholesalers, Durable Goods — 1.0%
32,344			KLA-Tencor Corp.			$21,548,543
73,129			TE Connectivity PLC ADR (Ireland)			10,780,677
						32,329,220
			Nonmetallic Mineral Product Manufacturing — 0.3%
185,307			Corning, Inc.			8,818,760
			Professional, Scientific, and Technical Services — 7.2%
150,716			Accenture PLC Class A ADR (Ireland)			51,969,891
32,144			CDW Corp.			6,050,465
119,262			Cognizant Technology Solutions Corp. Class A			8,895,753
13,700			EPAM Systems, Inc.(a)			2,584,505
14,024			F5 Networks, Inc.(a)			3,279,933
33,918			GoDaddy, Inc.(a)			5,657,522
79,200			Juniper Networks, Inc.			3,080,880
384,597			Oracle Corp.			64,550,761
484,549			Palantir Technologies, Inc.(a)			20,137,857
28,904			PTC, Inc.(a)			5,356,778
49,563			ServiceNow, Inc.(a)			46,241,783
20,195			VeriSign, Inc.(a)			3,571,284
						221,377,412
			Publishing Industries — 17.7%
106,688			Adobe, Inc.(a)			51,005,399
36,459			Akamai Technologies, Inc.(a)			3,685,276
21,027			Ansys, Inc.(a)			6,737,261
51,842			Autodesk, Inc.(a)			14,712,760
65,885			Cadence Design Systems, Inc.(a)			18,192,166
55,554			CrowdStrike Holdings, Inc.(a)			16,492,316
5,900			Fair Isaac Corp.(a)			11,759,349
130,332			Gen Digital, Inc.			3,793,964
312,721			Hewlett Packard Enterprise Co.			6,094,932
67,264			Intuit, Inc.			41,051,219
686,013			Microsoft Corp.			278,761,383
233,157			Salesforce, Inc.			67,934,955
36,865			Synopsys, Inc.(a)			18,934,233
10,270			Tyler Technologies, Inc.(a)			6,219,409
						545,374,622
			TOTAL COMMON STOCKS (Cost $1,933,959,056)			$2,141,584,904
			SHORT TERM INVESTMENTS — 32.4%
			Money Market Funds — 32.4%
488,279,019			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$488,279,019
123,390,678			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(c)			123,390,678

The accompanying notes are an integral part of these financial statements.

97

Direxion Daily Technology Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			SHORT TERM INVESTMENTS — (Continued)
			Money Market Funds — (Continued)
114,360,000			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(c)			$114,360,000
272,016,030			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			272,016,030
			TOTAL SHORT TERM INVESTMENTS (Cost $998,045,727)			$998,045,727
			TOTAL INVESTMENTS (Cost $2,932,004,783) — 101.9%(e)			$3,139,630,631
			Liabilities in Excess of Other Assets — (1.9)%			(56,617,519)
			TOTAL NET ASSETS — 100.0%			$3,083,013,112

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,250,928,883.

ADR - American Depository Receipt

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination			Terms of Payments to be Paid at Termination			Counterparty			Termination Date			Contracts			Notional Amount			Unrealized Appreciation
Total return of Technology Select Sector Index			5.6700% representing 1 month SOFR rate + spread			BNP Paribas			12/04/2024			288,223			$537,089,402			$83,561,836
Total return of Technology Select Sector Index			5.4700% representing 1 month SOFR rate + spread			Goldman Sachs			12/10/2024			652,585			1,258,571,547			152,406,263
Total return of Technology Select Sector Index			5.6200% representing 1 month SOFR rate + spread			Bank of America Merrill Lynch			12/11/2024			586,666			1,183,392,885			94,904,943
Total return of Technology Select Sector Index			5.6100% representing 1 month SOFR rate + spread			Societe Generale			12/16/2024			100,000			191,783,000			23,259,183
Total return of Technology Select Sector Index			5.6700% representing 1 month SOFR rate + spread			J.P. Morgan			12/16/2024			95,851			210,456,101			1,432,269
Total return of Technology Select Sector Index			5.6000% representing 1 month SOFR rate + spread			UBS Securities LLC			12/17/2024			466,118			1,003,032,343			23,642,169
Total return of Technology Select Sector Index			5.6400% representing 1 month SOFR rate + spread			Citibank N.A.			12/19/2024			435,030			854,406,355			90,994,075
Total return of Technology Select Sector Index			5.5700% representing 1 month SOFR rate + spread			Barclays			12/23/2024			549,627			1,097,715,642			98,744,044
															$ 6,336,447,275			$568,944,782

The accompanying notes are an integral part of these financial statements.

98

Direxion Daily Technology Bear 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 100.1%
			Money Market Funds — 100.1%
74,161,452			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$74,161,452
5,159,169			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			5,159,169
8,968,703			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			8,968,703
13,126,138			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			13,126,138
			TOTAL SHORT TERM INVESTMENTS (Cost $101,415,462)(b)			$101,415,462
			TOTAL INVESTMENTS (Cost $101,415,462) — 100.1%			$ 101,415,462
			Liabilities in Excess of Other Assets — (0.1)%			(60,248)
			TOTAL NET ASSETS — 100.0%			$101,355,214

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $61,060,604.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination			Terms of Payments to be Paid at Termination			Counterparty			Termination Date			Contracts			Notional Amount			Unrealized Appreciation (Depreciation)
5.1700% representing 1 month SOFR rate + spread			Total return of Technology Select Sector Index			BNP Paribas			12/4/2024			26,549			$61,037,600			$1,886,095
5.2200% representing 1 month SOFR rate + spread			Total return of Technology Select Sector Index			Goldman Sachs			12/10/2024			3,461			7,148,304			(346,906)
5.4200% representing 1 month SOFR rate + spread			Total return of Technology Select Sector Index			Bank of America Merrill Lynch			12/11/2024			12,705			28,596,547			667,026
5.2000% representing 1 month SOFR rate + spread			Total return of Technology Select Sector Index			Societe Generale			12/16/2024			5,000			9,589,150			(1,197,538)
5.4700% representing 1 month SOFR rate + spread			Total return of Technology Select Sector Index			J.P. Morgan			12/16/2024			5,613			13,247,378			891,937
5.2200% representing 1 month SOFR rate + spread			Total return of Technology Select Sector Index			UBS Securities LLC			12/17/2024			58,680			132,552,601			1,763,969
5.3000% representing 1 month SOFR rate + spread			Total return of Technology Select Sector Index			Citibank N.A.			12/19/2024			5,495			12,267,383			137,096
5.3200% representing 1 month SOFR rate + spread			Total return of Technology Select Sector Index			Barclays			12/23/2024			18,284			41,280,001			870,034
															$ 305,718,964			$4,671,713

The accompanying notes are an integral part of these financial statements.

99

Direxion Daily Transportation Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 75.4%
			Administrative and Support Services — 13.6%
3,768			RXO, Inc.(a)			$106,220
38,716			Uber Technologies, Inc.(a)			2,789,488
						2,895,708
			Air Transportation — 12.6%
3,466			Alaska Air Group, Inc.(a)			166,056
398			Allegiant Travel Co.			25,874
18,042			American Airlines Group, Inc.(a)(b)			241,763
15,384			Delta Air Lines, Inc.			880,272
8,195			JetBlue Airways Corp.(a)			46,712
1,101			SkyWest, Inc.(a)			104,815
16,460			Southwest Airlines Co.			503,347
9,034			United Continental Holdings, Inc.(a)			707,001
						2,675,840
			Couriers and Messengers — 9.7%
1,381			Air Transport Services Group, Inc.(a)			23,808
2,392			FedEx Corp.			655,049
10,263			United Parcel Service, Inc. Class B			1,375,858
						2,054,715
			Management of Companies and Enterprises — 0.2%
1,073			Sun Country Airlines Holdings, Inc.(a)			15,076
264			U-Haul Holding Co.(a)			19,359
						34,435
			Merchant Wholesalers, Nondurable Goods — 0.1%
2,885			FTAI Infrastructure, Inc.			23,282
			Rail Transportation — 15.5%
20,456			CSX Corp.			688,140
11,226			Union Pacific Corp.			2,605,218
						3,293,358
			Rental and Leasing Services — 1.0%
470			Avis Budget Group, Inc.(b)			39,010
3,368			Hertz Global Holdings, Inc.(a)(b)			9,363
1,189			Ryder System, Inc.			173,927
						222,300
			Support Activities for Transportation — 12.8%
3,222			C.H. Robinson Worldwide, Inc.			331,995
3,877			Expeditors International of Washington, Inc.			461,363
525			Forward Air Corp.(b)			18,548
3,282			GXO Logistics, Inc.(a)			196,296
1,692			Hub Group, Inc.			73,416
2,214			J.B. Hunt Transport Services, Inc.			399,893
922			Matson, Inc.			142,808

The accompanying notes are an integral part of these financial statements.

100

Direxion Daily Transportation Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			COMMON STOCKS — (Continued)
			Support Activities for Transportation — (Continued)
2,684			Norfolk Southern Corp.			$672,154
3,198			XPO, Inc.(a)			417,435
						2,713,908
			Transit and Ground Passenger Transportation — 0.6%
9,931			Lyft, Inc.(a)			128,805
			Transportation Equipment Manufacturing — 0.3%
13,087			Joby Aviation, Inc.(a)(b)			62,817
			Truck Transportation — 7.2%
650			ArcBest Corp.			67,717
217			Covenant Logistics Group Inc.			10,980
1,186			Heartland Express, Inc.			12,815
4,447			Knight-Swift Transportation Holdings, Inc.			231,600
1,588			Marten Transport Ltd.			24,582
3,608			Old Dominion Freight Line, Inc.			726,363
730			Saia, Inc.(a)			356,685
1,291			Schneider National, Inc.			36,509
1,699			Werner Enterprises, Inc.			62,676
						1,529,927
			Warehousing and Storage — 0.8%
974			Landstar System, Inc.			171,200
			Water Transportation — 1.0%
1,174			Genco Shipping & Trading Ltd. ADR			18,479
1,591			Kirby Corp. (a)			182,583
						201,062
			TOTAL COMMON STOCKS (Cost $14,837,480)			$16,007,357
			SHORT TERM INVESTMENTS — 30.3%
			Money Market Funds — 30.3%
1,604,507			Dreyfus Government Cash Management Institutional Shares, 4.76%(c)(d)			$1,604,507
1,850,000			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(c)			1,850,000
241,136			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(c)			241,136
2,737,601			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(c)			2,737,601
			TOTAL SHORT TERM INVESTMENTS (Cost $6,433,244)			$6,433,244
			TOTAL INVESTMENTS (Cost $21,270,724) — 105.7%(e)			$22,440,601
			Liabilities in Excess of Other Assets — (5.7)%			(1,200,050)
			TOTAL NET ASSETS — 100.0%			$21,240,551

The accompanying notes are an integral part of these financial statements.

101

Direxion Daily Transportation Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Non-income producing security.

(b)
A portion of this security represents a security on loan.

(c)
Represents annualized seven-day yield at October 31, 2024.

(d)
All or a portion of this security represents an investment of securities lending collateral.

(e)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $18,170,187.

ADR - American Depository Receipt

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of S&P Transportation Select Industry FMC Capped Index

5.6200% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

2,462

$15,047,255

$368,431

Total return of S&P Transportation Select Industry FMC Capped Index

5.4700% representing 1 month SOFR rate + spread

Barclays

12/23/2024

3,669

21,513,614

1,054,932

Total return of S&P Transportation Select Industry FMC Capped Index

5.6700% representing 1 month SOFR rate + spread

Goldman Sachs

11/12/2025

1,424

9,199,832

(223,085)

$ 45,760,701

$1,200,278

The accompanying notes are an integral part of these financial statements.

102

Direxion Daily Utilities Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			COMMON STOCKS — 52.8%
			Oil and Gas Extraction — 2.2%
20,084			Dominion Energy, Inc.			$1,195,600
			Utilities — 50.6%
17,018			AES Corp.			280,627
6,140			Alliant Energy Corp.			368,400
6,387			Ameren Corp.			556,372
12,739			American Electric Power Co., Inc.			1,257,976
4,667			American Water Works Co., Inc.			644,559
3,716			Atmos Energy Corp.			515,706
15,600			CenterPoint Energy, Inc.			460,668
7,150			CMS Energy Corp.			497,712
8,279			Consolidated Edison, Inc.			841,809
7,487			Constellation Energy Corp.			1,968,782
4,956			DTE Energy Co.			615,634
18,479			Duke Energy Corp.			2,130,074
9,244			Edison International			761,706
5,119			Entergy Corp.			792,319
5,506			Evergy, Inc.			332,783
8,555			Eversource Energy			563,347
23,938			Exelon Corp.			940,763
12,269			FirstEnergy Corp.			513,212
49,183			NextEra Energy, Inc.			3,897,753
10,736			NiSource, Inc.			377,478
4,941			NRG Energy, Inc.			446,666
51,169			PG&E Corp.			1,034,637
2,718			Pinnacle West Capital Corp.			238,668
17,660			PPL Corp.			575,010
11,926			Public Service Enterprise Group, Inc.			1,066,304
15,158			Sempra Energy			1,263,722
26,177			Southern Co.			2,382,892
8,224			Vistra Corp.			1,027,671
7,568			WEC Energy Group, Inc.			722,971
13,345			Xcel Energy, Inc.			891,579
						27,967,800
			TOTAL COMMON STOCKS (Cost $27,487,534)			$29,163,400
			SHORT TERM INVESTMENTS — 45.2%
			Money Market Funds — 45.2%
15,739,734			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			15,739,734
7,690,379			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			7,690,379

The accompanying notes are an integral part of these financial statements.

103

Direxion Daily Utilities Bull 3X Shares

Schedule of Investments

October 31, 2024(Continued)

Shares						Fair Value
			SHORT TERM INVESTMENTS — (Continued)
			Money Market Funds — (Continued)
7,895			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			$7,895
1,553,335			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			1,553,335
			TOTAL SHORT TERM INVESTMENTS (Cost $24,991,343)			$24,991,343
			TOTAL INVESTMENTS (Cost $52,478,877) — 98.0%(b)			$54,154,743
			Other Assets in Excess of Liabilities — 2.0%			1,125,162
			TOTAL NET ASSETS — 100.0%			$55,279,905

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $41,878,454.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

Total return of Utilities Select Sector Index

5.5200% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

43,799

$29,823,810

$5,223,197

Total return of Utilities Select Sector Index

5.4200% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

58,923

36,561,834

10,530,832

Total return of Utilities Select Sector Index

5.5700% representing 1 month SOFR rate + spread

Barclays

12/23/2024

18,556

11,802,946

2,943,240

Total return of Utilities Select Sector Index

5.4700% representing 1 month SOFR rate + spread

Goldman Sachs

9/3/2025

47,601

37,015,684

1,358,230

$ 115,204,274

$20,055,499

The accompanying notes are an integral part of these financial statements.

104

Direxion Daily 7-10 Year Treasury Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			INVESTMENT COMPANIES — 58.8%
328,642			iShares 7-10 Year Treasury Bond ETF(a)			$31,063,242
			TOTAL INVESTMENT COMPANIES (Cost $31,560,875)			$31,063,242
			SHORT TERM INVESTMENTS — 43.2%
			Money Market Funds — 43.2%
17,101,722			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$ 17,101,722
75			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(b)			75
5,730,729			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			5,730,729
			TOTAL SHORT TERM INVESTMENTS (Cost $22,832,526)			$22,832,526
			TOTAL INVESTMENTS (Cost $54,393,401) — 102.0%(c)			$ 53,895,768
			Liabilities in Excess of Other Assets — (2.0)%			(1,103,213)
			TOTAL NET ASSETS — 100.0%			$52,792,555

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $44,622,718.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of iShares 7-10 Year Treasury Bond ETF

4.2300% representing 1 month SOFR rate + spread

BNP Paribas

12/4/2024

476,478

$44,616,440

$(195,390)

Total return of iShares 7-10 Year Treasury Bond ETF

5.4200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

282,929

27,107,863

(690,007)

Total return of iShares 7-10 Year Treasury Bond ETF

5.2700% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

438,035

40,892,736

61,800

Total return of iShares 7-10 Year Treasury Bond ETF

5.4400% representing 1 month SOFR rate + spread

Barclays

12/23/2024

149,526

14,088,992

(44,935)

$ 126,706,031

$(868,532)

The accompanying notes are an integral part of these financial statements.

105

Direxion Daily 7-10 Year Treasury Bear 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 97.9%
			Money Market Funds — 97.9%
11,157,401			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$11,157,401
1,350,066			Goldman Sachs Financial Square Government Fund Institutional Shares, 4.78%(a)			1,350,066
1,935,915			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			1,935,915
			TOTAL SHORT TERM INVESTMENTS (Cost $14,443,382)(b)			$14,443,382
			TOTAL INVESTMENTS (Cost $14,443,382) — 97.9%			$ 14,443,382
			Other Assets in Excess of Liabilities — 2.1%			302,573
			TOTAL NET ASSETS — 100.0%			$14,745,955

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $8,883,144.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

3.9300% representing 1 month SOFR rate + spread

Total return of iShares 7-10 Year Treasury Bond ETF

BNP Paribas

12/4/2024

293,015

$27,503,207

$99,018

5.0500% representing 1 month SOFR rate + spread

Total return of iShares 7-10 Year Treasury Bond ETF

J.P. Morgan

12/16/2024

102,714

9,773,844

157,604

5.1200% representing 1 month SOFR rate + spread

Total return of iShares 7-10 Year Treasury Bond ETF

Barclays

12/23/2024

72,296

7,063,798

254,323

$ 44,340,849

$510,945

The accompanying notes are an integral part of these financial statements.

106

Direxion Daily 20+ Year Treasury Bull 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			INVESTMENT COMPANIES — 72.0%
47,226,336			iShares 20+ Year Treasury Bond ETF(a)			$4,366,074,763
			TOTAL INVESTMENT COMPANIES (Cost $4,365,280,206)			$4,366,074,763
			SHORT TERM INVESTMENTS — 29.4%
			Money Market Funds — 29.4%
1,141,682,740			Dreyfus Government Cash Management Institutional Shares, 4.76%(b)			$1,141,682,740
639,159,437			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(b)			639,159,437
			TOTAL SHORT TERM INVESTMENTS (Cost $1,780,842,177)			$1,780,842,177
			TOTAL INVESTMENTS (Cost $6,146,122,383) — 101.4%(c)			$6,146,916,940
			Liabilities in Excess of Other Assets — (1.4)%			(85,443,108)
			TOTAL NET ASSETS — 100.0%			$6,061,473,832

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b)
Represents annualized seven-day yield at October 31, 2024.

(c)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $4,528,888,656.

Long Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation (Depreciation)

Total return of iShares 20+ Year Treasury Bond ETF

5.6200% representing 1 month SOFR rate + spread

BNP Paribas

12/4/2024

23,905,441

$2,169,192,178

$13,004,410

Total return of iShares 20+ Year Treasury Bond ETF

5.4200% representing 1 month SOFR rate + spread

Goldman Sachs

12/10/2024

28,687,522

2,617,499,017

8,570,276

Total return of iShares 20+ Year Treasury Bond ETF

5.5200% representing 1 month SOFR rate + spread

Bank of America Merrill Lynch

12/11/2024

29,439,225

2,690,822,698

4,106,340

Total return of iShares 20+ Year Treasury Bond ETF

5.2700% representing 1 month SOFR rate + spread

J.P. Morgan

12/16/2024

11,684,706

1,100,293,717

(36,886,993)

Total return of iShares 20+ Year Treasury Bond ETF

5.6200% representing 1 month SOFR rate + spread

UBS Securities LLC

12/17/2024

8,236,829

759,448,317

(6,396,200)

Total return of iShares 20+ Year Treasury Bond ETF

5.5100% representing 1 month SOFR rate + spread

Citibank N.A.

12/19/2024

28,213,116

2,557,224,128

25,866,059

Total return of iShares 20+ Year Treasury Bond ETF

5.5700% representing 1 month SOFR rate + spread

Barclays

12/23/2024

19,300,000

1,756,782,478

9,926,852

$ 13,651,262,533

$18,190,744

The accompanying notes are an integral part of these financial statements.

107

Direxion Daily 20+ Year Treasury Bear 3X Shares

Schedule of Investments

October 31, 2024

Shares						Fair Value
			SHORT TERM INVESTMENTS — 98.3%
			Money Market Funds — 98.3%
93,325,642			Dreyfus Government Cash Management Institutional Shares, 4.76%(a)			$93,325,642
24,070,942			Dreyfus Treasury Securities Cash Management Institutional Shares, 4.66%(a)			24,070,942
57,271,704			Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.69%(a)			57,271,704
			TOTAL SHORT TERM INVESTMENTS (Cost $174,668,288)(b)			$174,668,288
			TOTAL INVESTMENTS (Cost $174,668,288) — 98.3%			$ 174,668,288
			Other Assets in Excess of Liabilities — 1.7%			3,062,831
			TOTAL NET ASSETS — 100.0%			$177,731,119

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a)
Represents annualized seven-day yield at October 31, 2024.

(b)
All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $106,794,184.

Short Total Return Swap Contracts

October 31, 2024

Terms of Payments to be Received at Termination

Terms of Payments to be Paid at Termination

Counterparty

Termination Date

Contracts

Notional Amount

Unrealized Appreciation

5.4200% representing 1 month SOFR rate + spread

Total return of iShares 20+ Year Treasury Bond ETF

BNP Paribas

12/4/2024

638,891

$61,736,086

$3,704,520

5.2200% representing 1 month SOFR rate + spread

Total return of iShares 20+ Year Treasury Bond ETF

Goldman Sachs

12/10/2024

1,304,714

125,503,134

5,954,761

5.3200% representing 1 month SOFR rate + spread

Total return of iShares 20+ Year Treasury Bond ETF

Bank of America Merrill Lynch

12/11/2024

1,236,158

121,409,391

7,764,455

5.0500% representing 1 month SOFR rate + spread

Total return of iShares 20+ Year Treasury Bond ETF

J.P. Morgan

12/16/2024

841,941

79,728,582

3,106,840

4.9200% representing 1 month SOFR rate + spread

Total return of iShares 20+ Year Treasury Bond ETF

UBS Securities LLC

12/17/2024

962,426

90,731,241

2,980,308

5.2000% representing 1 month SOFR rate + spread

Total return of iShares 20+ Year Treasury Bond ETF

Citibank N.A.

12/19/2024

783,244

74,407,841

2,533,617

$ 553,516,275

$26,044,501

The accompanying notes are an integral part of these financial statements.

108

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024

			Direxion Daily Mid Cap Bull 3X Shares			Direxion Daily S&P 500® Bull 3X Shares			Direxion Daily S&P 500® Bear 3X Shares			Direxion Daily Small Cap Bull 3X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)			$84,971,821			$5,017,114,377			$545,240,465			$2,236,425,633
Receivable for Fund shares sold			—			7,556,855			3,450,001			5,977,309
Dividend and interest receivable			99,574			8,140,480			2,209,471			2,832,178
Due from broker for swap contracts			1,000			11,216,080			692,012			146,915
Due from broker for futures contracts			—			112,420,002			—			—
Unrealized appreciation on swap contracts			11,205,953			955,493,261			2,470,809			238,400,318
Prepaid expenses and other assets			2,335			51,123			29,884			25,543
Total assets			96,280,683			6,111,992,178			554,092,642			2,483,807,896
Liabilities:
Collateral for securities loaned (Note 2)			55,113			1,729,632			—			7
Payable for Fund shares redeemed			—			—			9,996,307			—
Unrealized depreciation on swap contracts			—			—			41,071,478			—
Due to Adviser, net (Note 6)			26,592			1,305,765			147,319			685,608
Due to broker for swap contracts			13,783,325			1,153,844,586			940,447			323,203,410
Due to broker for futures contracts			—			6,650,000			—			—
Variation margin payable			—			39,725,000			—			—
Accrued expenses and other liabilities			44,358			2,032,304			220,343			921,311
Total liabilities			13,909,388			1,205,287,287			52,375,894			324,810,336
Net Assets			$82,371,295			$4,906,704,891			$501,716,748			$2,158,997,560
Net Assets Consist of:
Capital stock			​$81,630,559			​$4,061,992,088			$3,924,976,388			$2,455,768,798
Total distributable earnings (loss)			​740,736			​844,712,803			(3,423,259,640)			(296,771,238)
Net Assets			$82,371,295			$4,906,704,891			$501,716,748			$2,158,997,560
Calculation of Net Asset Value Per Share:
Net assets			$82,371,295			$4,906,704,891			$501,716,748			$2,158,997,560
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			1,550,132			31,150,002			72,776,918			51,700,002
Net assets value, redemption price and offering price per share			​$53.14			$157.52			$6.89			$41.76
Cost of Investments			$82,436,240			$4,889,780,557			$545,240,465			$2,134,083,724
*Value of securities loaned			$519,113			$6,650,235			$—			$137,523,541

The accompanying notes are an integral part of these financial statements.

109

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily Small Cap Bear 3X Shares			Direxion Daily FTSE China Bull 3X Shares			Direxion Daily FTSE China Bear 3X Shares			Direxion Daily FTSE Europe Bull 3X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)			$367,460,113			$2,292,197,640			$184,309,270			$25,683,478
Receivable for Fund shares sold			1,907			—			608			—
Dividend and interest receivable			1,575,108			4,341,250			1,161,833			42,440
Due from broker for swap contracts			—			93,148,653			66,417			84,138
Unrealized appreciation on swap contracts			7,822,874			96,301,923			28,568,842			1,102,755
Prepaid expenses and other assets			15,417			3,953			6,709			5,557
Total assets			376,875,419			2,485,993,419			214,113,679			26,918,368
Liabilities:
Collateral for securities loaned (Note 2)			—			35,658,795			—			3,056,705
Payable for Fund shares redeemed			6,355,898			—			2,028,198			—
Unrealized depreciation on swap contracts			22,985,579			299,928,862			—			166,365
Due to Adviser, net (Note 6)			111,649			1,427,659			69,376			6,002
Due to broker for swap contracts			3,025,998			132,420,396			27,449,543			1,821,075
Accrued expenses and other liabilities			149,114			611,900			83,500			9,363
Total liabilities			32,628,238			470,047,612			29,630,617			5,059,510
Net Assets			$344,247,181			$2,015,945,807			$184,483,062			$21,858,858
Net Assets Consist of:
Capital stock			$4,220,188,970			$3,093,431,810			​$384,133,698			$39,565,388
Total distributable loss			(3,875,941,789)			(1,077,486,003)			​(199,650,636)			(17,706,530)
Net Assets			$344,247,181			$2,015,945,807			$184,483,062			$21,858,858
Calculation of Net Asset Value Per Share:
Net assets			$344,247,181			$2,015,945,807			$184,483,062			$21,858,858
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			24,372,797			61,092,767			2,501,367			900,001
Net assets value, redemption price and offering price per share			​$14.12			$33.00			$73.75			$24.29
Cost of Investments			$367,460,113			$2,292,743,670			$184,309,270			$25,426,589
*Value of securities loaned			$—			$34,930,531			$—			$2,996,452

The accompanying notes are an integral part of these financial statements.

110

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily MSCI Emerging Markets Bull 3X Shares			Direxion Daily MSCI Emerging Markets Bear 3X Shares			Direxion Daily MSCI Mexico Bull 3X Shares			Direxion Daily MSCI South Korea Bull 3X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)			$86,538,825			$17,101,864			$29,211,389			$64,632,377
Receivable for Fund shares sold			—			—			—			209,422
Dividend and interest receivable			368,511			66,530			62,492			96,482
Due from broker for swap contracts			321,625			32,718			142,439			497,610
Unrealized appreciation on swap contracts			12,071,188			999,461			—			—
Prepaid expenses and other assets			8,095			6,569			10,324			1,914
Total assets			99,308,244			18,207,142			29,426,644			65,437,805
Liabilities:
Collateral for securities loaned (Note 2)			—			—			60,453			—
Unrealized depreciation on swap contracts			2,751,466			529,920			4,384,730			7,295,573
Due to Adviser, net (Note 6)			59,131			27,078			7,211			30,816
Due to broker for swap contracts			13,765,595			850,000			121,084			388,576
Accrued expenses and other liabilities			25,605			9,172			13,346			26,693
Total liabilities			16,601,797			1,416,170			4,586,824			7,741,658
Net Assets			$82,706,447			$16,790,972			$24,839,820			$57,696,147
Net Assets Consist of:
Capital stock			$343,456,677			$357,515,450			$36,944,117			$99,385,410
Total distributable loss			(260,750,230)			(340,724,478)			(12,104,297)			(41,689,263)
Net Assets			$82,706,447			$16,790,972			$24,839,820			$57,696,147
Calculation of Net Asset Value Per Share:
Net assets			$82,706,447			$16,790,972			$24,839,820			$57,696,147
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			2,431,598			2,095,232			2,066,025			10,350,001
Net assets value, redemption price and offering price per share			​$34.01			$8.01			$12.02			$5.57
Cost of Investments			$86,707,700			$17,101,864			$29,733,840			$65,798,514
*Value of securities loaned			$—			$—			$59,053			$—

The accompanying notes are an integral part of these financial statements.

111

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily Aerospace & Defense Bull 3X Shares			Direxion Daily Consumer Discretionary Bull 3X Shares			Direxion Daily Dow Jones Internet Bull 3X Shares			Direxion Daily Dow Jones Internet Bear 3X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)			$187,229,524			$20,919,693			$137,718,002			$19,446,555
Receivable for investments sold			8,942,936			2,838,632			—			—
Dividend and interest receivable			321,050			40,904			172,943			76,316
Due from broker for swap contracts			260,065			3,694			985			211,088
Unrealized appreciation on swap contracts			30,174,801			3,767,691			26,856,754			—
Prepaid expenses and other assets			16,266			​1,469			14,425			12,805
Total assets			226,944,642			​27,572,083			164,763,109			19,746,764
Liabilities:
Collateral for securities loaned (Note 2)			90,144			—			76,465			—
Payable for Fund shares redeemed			129,294			—			69			—
Unrealized depreciation on swap contracts			1,140,856			47,678			—			2,344,941
Due to Adviser, net (Note 6)			64,377			15,582			41,428			7,836
Due to broker for swap contracts			38,473,473			4,563,249			29,730,694			258,243
Accrued expenses and other liabilities			76,433			​15,383			61,617			8,634
Total liabilities			39,974,577			​4,641,892			29,910,273			2,619,654
Net Assets			$186,970,065			$22,930,191			$134,852,836			$17,127,110
Net Assets Consist of:
Capital stock			$131,220,498			$39,814,054			$227,552,035			$77,214,915
Total distributable earnings (loss)			55,749,567			(16,883,863)			(92,699,199)			(60,087,805)
Net Assets			$186,970,065			$22,930,191			$134,852,836			$17,127,110
Calculation of Net Asset Value Per Share:
Net assets			$186,970,065			$22,930,191			$134,852,836			$17,127,110
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			5,950,001			600,001			6,600,001			346,995
Net assets value, redemption price and offering price per share			​$31.42			$38.22			$20.43			$49.36
Cost of Investments			$172,411,375			$19,299,319			$126,555,728			$19,446,555
*Value of securities loaned			$262,533			$—			$218,154			$—

The accompanying notes are an integral part of these financial statements.

112

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily Financial Bull 3X Shares			Direxion Daily Financial Bear 3X Shares			Direxion Daily Healthcare Bull 3X Shares			Direxion Daily Homebuilders & Supplies Bull 3X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)			$2,440,922,712			$151,223,167			$148,678,140			$331,579,123
Receivable for Fund shares sold			174,871			2,205,738			—			—
Receivable for investments sold			—			—			8,092,182			—
Dividend and interest receivable			4,360,921			607,122			313,621			815,538
Due from broker for swap contracts			25,591,283			313,947			80,107			1,605,559
Unrealized appreciation on swap contracts			670,927,680			1,065,995			17,799,040			83,444,276
Prepaid expenses and other assets			​59,595			​7,954			​6,174			5,221
Total assets			​3,142,037,062			​155,423,923			​174,969,264			417,449,717
Liabilities:
Collateral for securities loaned (Note 2)			—			—			—			82,400
Payable for Fund shares redeemed			173,486			367,606			—			62,679
Payable for investments purchased			21,111			—			—			—
Unrealized depreciation on swap contracts			—			26,021,164			266,312			—
Due to Adviser, net (Note 6)			753,361			41,161			52,143			104,191
Due to broker for swap contracts			766,067,266			623,578			20,670,041			88,693,490
Accrued expenses and other liabilities			​911,641			​54,228			​84,617			147,769
Total liabilities			​767,926,865			​27,107,737			​21,073,113			89,090,529
Net Assets			$2,374,110,197			$128,316,186			$153,896,151			$328,359,188
Net Assets Consist of:
Capital stock			​$1,523,194,555			$3,388,103,109			$169,289,272			​$262,613,707
Total distributable earnings (loss)			​850,915,642			(3,259,786,923)			(15,393,121)			​65,745,481
Net Assets			$2,374,110,197			$128,316,186			$153,896,151			$328,359,188
Calculation of Net Asset Value Per Share:
Net assets			$2,374,110,197			$128,316,186			$153,896,151			$328,359,188
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			17,149,289			17,453,350			1,350,008			2,550,000
Net assets value, redemption price and offering price per share			​$138.44			$7.35			$114.00			$128.77
Cost of Investments			$2,215,539,126			$151,223,167			$142,307,922			$323,489,028
*Value of securities loaned			$—			$—			$—			$290,365

The accompanying notes are an integral part of these financial statements.

113

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily Industrials Bull 3X Shares			Direxion Daily Pharmaceutical & Medical Bull 3X Shares			Direxion Daily Real Estate Bull 3X Shares			Direxion Daily Real Estate Bear 3X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)			$38,229,026			$15,363,982			$88,062,269			$76,505,297
Receivable for Fund shares sold			—			12,515			43,373			—
Receivable for investments sold			—			—			12,568,708			—
Dividend and interest receivable			60,321			26,653			143,972			319,659
Due from broker for swap contracts			2,727			10,370			319,161			11,761
Unrealized appreciation on swap contracts			9,260,421			2,541,585			23,509,248			794,892
Prepaid expenses and other assets			​1,974			16,689			​2,947			​28,040
Total assets			​47,554,469			17,971,794			​124,649,678			​77,659,649
Liabilities:
Collateral for securities loaned (Note 2)			—			311,730			—			—
Unrealized depreciation on swap contracts			13,505			159,862			—			10,872,380
Due to Adviser, net (Note 6)			11,696			7,534			35,250			20,168
Due to broker for swap contracts			10,500,102			2,712,060			27,964,068			393,096
Accrued expenses and other liabilities			​19,202			8,373			​30,372			​16,512
Total liabilities			​10,544,505			3,199,559			​28,029,690			​11,302,156
Net Assets			$37,009,964			$14,772,235			$96,619,988			$66,357,493
Net Assets Consist of:
Capital stock			$24,958,987			​$24,260,220			$96,345,631			$261,139,589
Total distributable earnings (loss)			12,050,977			​(9,487,985)			274,357			(194,782,096)
Net Assets			$37,009,964			$14,772,235			$96,619,988			$66,357,493
Calculation of Net Asset Value Per Share:
Net assets			$37,009,964			$14,772,235			$96,619,988			$66,357,493
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			600,001			1,650,001			8,100,000			2,584,045
Net assets value, redemption price and offering price per share			​$61.68			$8.95			$11.93			$25.68
Cost of Investments			$36,023,201			$14,561,732			$83,776,153			$76,505,297
*Value of securities loaned			$39,405			$586,612			$—			$—

The accompanying notes are an integral part of these financial statements.

114

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily Regional Banks Bull 3X Shares			Direxion Daily Retail Bull 3X Shares			Direxion Daily S&P 500® High Beta Bull 3X Shares			Direxion Daily S&P 500® High Beta Bear 3X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)			$789,457,883			$42,196,590			$41,976,838			$33,305,679
Receivable for Fund shares sold			—			—			—			314
Dividend and interest receivable			1,129,084			54,450			59,498			136,989
Due from broker for swap contracts			288,274			131,080			153,283			52,610
Unrealized appreciation on swap contracts			280,564,794			2,885,438			2,725,326			879,882
Prepaid expenses and other assets			28,577			26,302			13,791			13,459
Total assets			1,071,468,612			45,293,860			44,928,736			34,388,933
Liabilities:
Collateral for securities loaned (Note 2)			556,106			139,669			—			—
Payable for Fund shares redeemed			227,838			—			108,980			1,046,748
Unrealized depreciation on swap contracts			—			317,939			—			3,166,994
Due to Adviser, net (Note 6)			251,664			13,291			28,601			15,060
Due to broker for swap contracts			307,274,723			4,043,413			5,662,715			304,641
Accrued expenses and other liabilities			244,249			14,291			22,825			14,173
Total liabilities			308,554,580			4,528,603			5,823,121			4,547,616
Net Assets			$762,914,032			$40,765,257			$39,105,615			$29,841,317
Net Assets Consist of:
Capital stock			​$541,885,181			$127,148,115			$45,297,421			$197,338,063
Total distributable earnings (loss)			​221,028,851			(86,382,858)			(6,191,806)			(167,496,746)
Net Assets			​$762,914,032			$40,765,257			$39,105,615			$29,841,317
Calculation of Net Asset Value Per Share:
Net assets			$762,914,032			$40,765,257			$39,105,615			$29,841,317
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			6,973,935			4,871,105			964,370			1,425,454
Net assets value, redemption price and offering price per share			​$109.40			$8.37			$40.55			$20.93
Cost of Investments			$732,980,742			$41,973,799			$41,547,615			$33,305,679
*Value of securities loaned			$1,540,786			$962,101			$145,381			$—

The accompanying notes are an integral part of these financial statements.

115

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily S&P Biotech Bull 3X Shares			Direxion Daily S&P Biotech Bear 3X Shares			Direxion Daily Semiconductor Bull 3X Shares			Direxion Daily Semiconductor Bear 3X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)			$924,844,383			$83,924,155			$10,040,351,010			$822,321,037
Cash			—			—			11,718,699			—
Receivable for Fund shares sold			171,021			1,853,678			—			55,537,766
Receivable for investments sold			—			—			820,974,061			—
Dividend and interest receivable			1,318,709			356,763			17,111,933			3,635,875
Due from broker for swap contracts			2,406,785			222,993			31,018,911			3,657,371
Unrealized appreciation on swap contracts			189,927,779			5,167,934			415,849,801			147,941,157
Prepaid expenses and other assets			20,087			3,247			44,491			21,543
Total assets			1,118,688,764			91,528,770			11,337,068,906			1,033,114,749
Liabilities:
Collateral for securities loaned (Note 2)			7,820,098			—			1,020,761			—
Payable for Fund shares redeemed			—			9,562,517			37,759,243			82,113,175
Unrealized depreciation on swap contracts			—			510,791			191,228,133			22,333,927
Due to Adviser, net (Note 6)			287,308			24,877			2,333,583			258,564
Due to broker for swap contracts			222,695,889			3,542,000			1,174,656,196			70,363,866
Accrued expenses and other liabilities			458,090			52,852			3,053,274			236,069
Total liabilities			231,261,385			13,693,037			1,410,051,190			175,305,601
Net Assets			$887,427,379			$77,835,733			$9,927,017,716			$857,809,148
Net Assets Consist of:
Capital stock			​$2,419,483,734			$449,318,469			​$12,978,507,265			$3,657,819,397
Total distributable loss			​(1,532,056,355)			(371,482,736)			​(3,051,489,549)			(2,800,010,249)
Net Assets			$887,427,379			$77,835,733			$​9,927,017,716			$857,809,148
Calculation of Net Asset Value Per Share:
Net assets			$887,427,379			$77,835,733			$9,927,017,716			$857,809,148
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			7,424,486			12,616,024			331,650,060			37,086,522
Net assets value, redemption price and offering price per share			​$119.53			$6.17			$29.93			$23.13
Cost of Investments			$948,452,535			$83,924,155			$9,766,718,915			$822,321,037
*Value of securities loaned			$28,892,516			$—			$41,444,974			$—

The accompanying notes are an integral part of these financial statements.

116

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily Technology Bull 3X Shares			Direxion Daily Technology Bear 3X Shares			Direxion Daily Transportation Bull 3X Shares			Direxion Daily Utilities Bull 3X Shares
Assets:
Investments, at fair value (including securities loaned*) (Note 2)			$3,139,630,631			$101,415,462			$22,440,601			$54,154,743
Receivable for Fund shares sold			—			1,333			—			381
Receivable for investments sold			193,465,762			—			—			—
Dividend and interest receivable			4,795,430			415,266			22,746			86,853
Due from broker for swap contracts			6,263,946			835,880			69,403			108,119
Unrealized appreciation on swap contracts			568,944,782			6,216,157			1,423,363			20,055,499
Prepaid expenses and other assets			​42,338			​4,248			16,429			​1,730
Total assets			​3,913,142,889			​108,888,346			23,972,542			​74,407,325
Liabilities:
Collateral for securities loaned (Note 2)			241,717			—			43,665			—
Payable for Fund shares redeemed			285,458			4,443,015			—			39,152
Unrealized depreciation on swap contracts			—			1,544,444			223,085			—
Due to Adviser, net (Note 6)			965,398			28,597			11,399			21,159
Due to broker for swap contracts			827,383,907			1,473,437			2,444,000			19,040,004
Accrued expenses and other liabilities			​1,253,297			​43,639			9,842			​27,105
Total liabilities			​830,129,777			​7,533,132			2,731,991			​19,127,420
Net Assets			$3,083,013,112			$101,355,214			$21,240,551			$55,279,905
Net Assets Consist of:
Capital stock			​$2,588,758,663			$599,127,031			​$20,100,623			​$38,694,997
Total distributable earnings (loss)			​494,254,449			(497,771,817)			​1,139,928			​16,584,908
Net Assets			$3,083,013,112			$101,355,214			$21,240,551			$55,279,905
Calculation of Net Asset Value Per Share:
Net assets			$3,083,013,112			$101,355,214			$21,240,551			$55,279,905
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			37,650,000			1,825,026			650,001			1,450,001
Net assets value, redemption price and offering price per share			​$81.89			$55.54			$32.68			$38.12
Cost of Investments			$2,932,004,783			$101,415,462			$21,270,724			$52,478,877
*Value of securities loaned			$236,847			$—			$74,651			$—

The accompanying notes are an integral part of these financial statements.

117

DIREXION SHARES ETF TRUST

Statements of Assets and Liabilities

October 31, 2024(Continued)

			Direxion Daily 7-10 Year Treasury Bull 3X Shares			Direxion Daily 7-10 Year Treasury Bear 3X Shares			Direxion Daily 20+ Year Treasury Bull 3X Shares			Direxion Daily 20+ Year Treasury Bear 3X Shares
Assets:
Investments, at fair value (Note 2)			$53,895,768			$14,443,382			$6,146,916,940			$174,668,288
Receivable for Fund shares sold			—			—			26,424,160			5,180,130
Dividend and interest receivable			91,483			57,327			7,417,765			669,477
Due from broker for swap contracts			3,456			—			2,072,316			40,580
Unrealized appreciation on swap contracts			61,800			510,945			61,473,937			26,044,501
Prepaid expenses and other assets			1,453			4,461			638			25,300
Total assets			54,053,960			15,016,115			6,244,305,756			206,628,276
Liabilities:
Payable for Fund shares redeemed			1,749			—			—			1,726,537
Payable for investments purchased			—			—			92,459,000			—
Unrealized depreciation on swap contracts			930,332			—			43,283,193			—
Due to Adviser, net (Note 6)			15,618			6,383			1,440,818			51,013
Due to broker for swap contracts			292,993			252,625			43,916,067			27,072,120
Accrued expenses and other liabilities			20,713			11,152			1,732,846			47,487
Total liabilities			1,261,405			270,160			182,831,924			28,897,157
Net Assets			$52,792,555			$14,745,955			$6,061,473,832			$177,731,119
Net Assets Consist of:
Capital stock			$72,276,704			$60,067,512			$7,771,693,694			$848,768,091
Total distributable loss			(19,484,149)			(45,321,557)			(1,710,219,862)			(671,036,972)
Net Assets			$52,792,555			$14,745,955			$6,061,473,832			$177,731,119
Calculation of Net Asset Value Per Share:
Net assets			$52,792,555			$14,745,955			$6,061,473,832			$177,731,119
Shares outstanding (unlimited shares of beneficial interest authorized, par value)			2,100,000			1,050,000			126,198,386			5,147,044
Net assets value, redemption price and offering price per share			​$25.14			$14.04			$48.03			$34.53
Cost of Investments			$54,393,401			$14,443,382			$6,146,122,383			$174,668,288

The accompanying notes are an integral part of these financial statements.

118

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024

			Direxion Daily Mid Cap Bull 3X Shares			Direxion Daily S&P 500® Bull 3X Shares			Direxion Daily S&P 500® Bear 3X Shares			Direxion Daily Small Cap Bull 3X Shares
Investment Income:
Dividend income			$803,497			$40,816,026			$—			$19,837,341
Less: Foreign withholding tax			(253)			(10,633)			—			—
Interest income			1,335,163			64,847,520			30,995,689			34,028,824
Securities lending income			1,035			872			—			97,107
Total investment income			2,139,442			105,653,785			30,995,689			53,963,272
Expenses:
Investment advisory fees (Note 6)			583,942			31,179,672			4,109,729			16,454,887
Interest expense			373,132			31,478,113			652,188			8,861,693
Licensing fees			62,287			3,325,832			438,371			1,316,391
Fund servicing fees			23,673			1,212,601			160,823			640,651
Management service fees (Note 6)			19,069			1,017,939			134,174			537,214
Professional fees			14,595			257,215			42,956			140,475
Reports to shareholders			7,317			390,703			51,498			206,191
Exchange listing fees			6,042			5,136			5,136			5,740
Pricing fees			4,335			4,335			4,335			4,335
Trustees’ fees and expenses			1,636			87,312			11,416			46,098
Insurance fees			1,142			61,485			8,107			32,455
Other			3,905			184,056			31,982			97,757
Total expenses			1,101,075			69,204,399			5,650,715			28,343,887
Recoupment of expenses to Adviser (Note 6)			14,240			—			6,148			—
Less: Reimbursement of expenses from Adviser (Note 6)			(2,522)			—			(6,148)			—
Less: Investment advisory fees waived (Note 6)			—			(4,238,175)			—			(444,226)
Net expenses			1,112,793			64,966,224			5,650,715			27,899,661
Net investment income			1,026,649			40,687,561			25,344,974			26,063,611
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			671,570			(95,901,381)			—			(93,902,340)
In-kind redemptions			3,962,620			547,314,648			—			244,849,951
Swap contracts			7,766,648			1,079,096,715			(351,457,650)			410,397,683
Futures contracts			—			109,192,315			—			—
Net realized gain (loss)			12,400,838			1,639,702,297			(351,457,650)			561,345,294
Change in net unrealized appreciation (depreciation) on:
Investment securities			4,577,950			287,829,822			—			161,200,276
Swap contracts			16,779,303			917,189,964			(150,052,216)			451,433,880
Futures contracts			—			16,603,003			—			—
Change in net unrealized appreciation (depreciation)			21,357,253			1,221,622,789			(150,052,216)			612,634,156
Net realized and unrealized gain (loss)			33,758,091			2,861,325,086			(501,509,866)			1,173,979,450
Net increase (decrease) in net assets resulting from operations			$34,784,740			$2,902,012,647			$(476,164,892)			$1,200,043,061

The accompanying notes are an integral part of these financial statements.

119

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily Small Cap Bear 3X Shares			Direxion Daily FTSE China Bull 3X Shares			Direxion Daily FTSE China Bear 3X Shares			Direxion Daily FTSE Europe Bull 3X Shares
Investment Income:
Dividend income			$—			$12,345,442			$—			$377,785
Interest income			20,430,525			25,394,078			8,062,353			594,445
Securities lending income			—			21,043			—			5,958
Total investment income			20,430,525			37,760,563			8,062,353			978,188
Expenses:
Investment advisory fees (Note 6)			2,882,956			7,343,153			1,094,148			179,500
Interest expense			1,492,690			5,955,552			568,222			110,665
Licensing fees			230,637			852,785			127,067			7,817
Fund servicing fees			113,101			285,829			43,500			8,012
Management service fees (Note 6)			94,122			239,749			35,733			5,864
Professional fees			32,697			68,012			18,598			11,414
Reports to shareholders			36,125			92,015			13,710			2,267
Exchange listing fees			6,042			9,969			6,042			6,042
Pricing fees			4,335			4,335			4,335			4,335
Trustees’ fees and expenses			8,030			20,678			3,066			487
Insurance fees			5,687			14,468			2,161			356
Other			26,671			86,966			11,244			1,062
Total expenses			4,933,093			14,973,511			1,927,826			337,821
Recoupment of expenses to Adviser (Note 6)			10,090			86,048			36,412			2,213
Less: Reimbursement of expenses from Adviser (Note 6)			(10,090)			(37,961)			(10,095)			(2,002)
Less: Investment advisory fees waived (Note 6)			—			(17,710)			—			—
Net expenses			4,933,093			15,003,888			1,954,143			338,032
Net investment income			15,497,432			22,756,675			6,108,210			640,156
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			—			(240,843,481)			—			—
In-kind redemptions			—			94,117,138			—			542,161
Swap contracts			(206,762,166)			137,106,428			(100,693,444)			5,643,524
Net realized gain (loss)			(206,762,166)			(9,619,915)			(100,693,444)			6,185,685
Change in net unrealized appreciation (depreciation) on:
Investment securities			—			26,210,583			—			1,267,212
Swap contracts			(93,150,575)			(90,675,300)			6,661,370			1,577,246
Change in net unrealized appreciation (depreciation)			(93,150,575)			(64,464,717)			6,661,370			2,844,458
Net realized and unrealized gain (loss)			(299,912,741)			(74,084,632)			(94,032,074)			9,030,143
Net increase (decrease) in net assets resulting from operations			$(284,415,309)			$(51,327,957)			$(87,923,864)			$9,670,299

The accompanying notes are an integral part of these financial statements.

120

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily MSCI Emerging Markets Bull 3X Shares			Direxion Daily MSCI Emerging Markets Bear 3X Shares			Direxion Daily MSCI Mexico Bull 3X Shares			Direxion Daily MSCI South Korea Bull 3X Shares
Investment Income:
Dividend income			$101,318			$—			$175,008			$464,044
Interest income			4,094,250			1,049,474			575,156			1,020,524
Securities lending income			—			—			22,116			—
Total investment income			4,195,568			1,049,474			772,280			1,484,568
Expenses:
Investment advisory fees (Note 6)			628,648			142,989			144,422			293,756
Interest expense			420,248			44,376			52,383			152,925
Licensing fees			52,200			​67,500			7,703			31,334
Fund servicing fees			25,473			6,595			6,619			12,430
Management service fees (Note 6)			20,535			4,673			4,716			9,595
Professional fees			14,947			11,127			11,136			12,308
Reports to shareholders			7,877			1,792			1,810			3,681
Exchange listing fees			6,042			6,042			6,042			6,042
Pricing fees			4,335			4,335			4,335			4,335
Trustees’ fees and expenses			1,756			390			391			821
Insurance fees			1,246			290			282			582
Other			3,713			879			1,568			2,503
Total expenses			1,187,020			​290,988			241,407			530,312
Recoupment of expenses to Adviser (Note 6)			35,449			49,215			2,128			1,709
Less: Reimbursement of expenses from Adviser (Note 6)			(5,932)			​(114,708)			(8,216)			(7,006)
Net expenses			1,216,537			225,495			235,319			525,015
Net investment income			2,979,031			823,979			536,961			959,553
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			94,802			—			(1,743,183)			(1,689,266)
In-kind redemptions			455,532			—			404,428			3,071,605
Swap contracts			3,864,591			(7,688,934)			(4,425,795)			3,101,782
Net realized gain (loss)			4,414,925			(7,688,934)			(5,764,550)			4,484,121
Change in net unrealized appreciation (depreciation) on:
Investment securities			31,795			—			(27,200)			38,851
Swap contracts			26,376,502			(4,222,853)			(4,003,827)			191,431
Change in net unrealized appreciation (depreciation)			26,408,297			(4,222,853)			(4,031,027)			230,282
Net realized and unrealized gain (loss)			30,823,222			(11,911,787)			(9,795,577)			4,714,403
Net increase (decrease) in net assets resulting from operations			$33,802,253			$(11,087,808)			$(9,258,616)			$5,673,956

The accompanying notes are an integral part of these financial statements.

121

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily Aerospace & Defense Bull 3X Shares			Direxion Daily Consumer Discretionary Bull 3X Shares			Direxion Daily Dow Jones Internet Bull 3X Shares			Direxion Daily Dow Jones Internet Bear 3X Shares
Investment Income:
Dividend income			$1,857,066			$179,307			$343,797			$—
Interest income			2,903,771			416,011			2,534,620			1,163,743
Securities lending income			1,381			—			158			—
Total investment income			4,762,218			595,318			2,878,575			1,163,743
Expenses:
Investment advisory fees (Note 6)			1,280,226			207,638			1,212,051			149,459
Interest expense			836,970			60,682			1,387,305			24,472
Licensing fees			136,611			16,452			131,621			16,564
Fund servicing fees			50,770			9,114			48,182			6,836
Management service fees (Note 6)			41,796			6,785			39,571			4,885
Professional fees			20,069			11,636			19,544			11,178
Reports to shareholders			16,042			2,602			15,188			1,873
Exchange listing fees			6,042			6,042			6,042			6,042
Pricing fees			4,335			4,335			4,335			4,335
Trustees’ fees and expenses			3,585			565			3,364			409
Insurance fees			2,525			418			2,391			305
Other			7,564			1,237			7,159			1,500
Total expenses			2,406,535			327,506			2,876,753			227,858
Recoupment of expenses to Adviser (Note 6)			—			1,650			25,130			1,649
Less: Reimbursement of expenses from Adviser (Note 6)			—			(5,465)			—			(15,719)
Net expenses			2,406,535			323,691			2,901,883			213,788
Net investment income (loss)			2,355,683			271,627			(23,308)			949,955
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			(4,102,014)			(555,996)			(6,315,774)			—
In-kind redemptions			19,453,342			3,582,531			36,115,900			—
Swap contracts			49,822,875			4,492,039			92,747,569			(22,875,904)
Net realized gain (loss)			65,174,203			7,518,574			122,547,695			(22,875,904)
Change in net unrealized appreciation (depreciation) on:
Investment securities			15,044,547			2,170,155			7,633,067			—
Swap contracts			28,253,937			7,536,577			8,803,492			(3,874,887)
Change in net unrealized appreciation (depreciation)			43,298,484			9,706,732			16,436,559			(3,874,887)
Net realized and unrealized gain (loss)			108,472,687			17,225,306			138,984,254			(26,750,791)
Net increase (decrease) in net assets resulting from operations			$110,828,370			$17,496,933			$138,960,946			$(25,800,836)

The accompanying notes are an integral part of these financial statements.

122

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily Financial Bull 3X Shares			Direxion Daily Financial Bear 3X Shares			Direxion Daily Healthcare Bull 3X Shares			Direxion Daily Homebuilders & Supplies Bull 3X Shares
Investment Income:
Dividend income			$25,991,354			$—			$2,350,190			$1,597,929
Interest income			35,220,579			7,863,638			2,659,530			5,491,970
Securities lending income			4			—			1			48
Total investment income			61,211,937			7,863,638			5,009,721			7,089,947
Expenses:
Investment advisory fees (Note 6)			16,386,237			1,005,622			1,431,196			2,202,095
Interest expense			15,346,459			183,652			1,124,222			3,039,782
Licensing fees			1,296,557			79,570			113,262			234,890
Fund servicing fees			637,881			40,168			56,690			86,586
Management service fees (Note 6)			534,972			32,831			46,725			71,893
Professional fees			146,696			24,531			21,270			27,321
Reports to shareholders			205,331			12,601			17,934			27,594
Exchange listing fees			6,344			6,042			6,042			6,042
Pricing fees			4,335			4,335			4,335			4,335
Trustees’ fees and expenses			45,889			2,794			3,996			6,175
Insurance fees			32,307			1,983			2,839			4,333
Other			96,735			9,369			8,461			13,000
Total expenses			34,739,743			1,403,498			2,836,972			5,724,046
Recoupment of expenses to Adviser (Note 6)			—			3,923			—			—
Less: Reimbursement of expenses from Adviser (Note 6)			—			(3,923)			—			—
Less: Investment advisory fees waived (Note 6)			(437,239)			—			—			—
Net expenses			34,302,504			1,403,498			2,836,972			5,724,046
Net investment income			26,909,433			6,460,140			2,172,749			1,365,901
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			(15,070,302)			—			(5,023,358)			(4,234,714)
In-kind redemptions			264,147,677			—			9,963,012			78,670,445
Swap contracts			607,073,266			(99,496,728)			437,478			143,303,348
Net realized gain (loss)			856,150,641			(99,496,728)			5,377,132			217,739,079
Change in net unrealized appreciation (depreciation) on:
Investment securities			260,675,163			—			16,796,907			2,116,164
Swap contracts			833,476,590			(56,008,541)			47,199,348			57,184,471
Change in net unrealized appreciation (depreciation)			1,094,151,753			(56,008,541)			63,996,255			59,300,635
Net realized and unrealized gain (loss)			1,950,302,394			(155,505,269)			69,373,387			277,039,714
Net increase (decrease) in net assets resulting from operations			$1,977,211,827			$(149,045,129)			$71,546,136			$278,405,615

The accompanying notes are an integral part of these financial statements.

123

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily Industrials Bull 3X Shares			Direxion Daily Pharmaceutical & Medical Bull 3X Shares			Direxion Daily Real Estate Bull 3X Shares			Direxion Daily Real Estate Bear 3X Shares
Investment Income:
Dividend income			$391,219			$166,366			$1,889,797			$—
Interest income			459,912			192,729			1,322,978			4,990,937
Securities lending income			4			38,191			—			—
Total investment income			851,135			397,286			3,212,775			4,990,937
Expenses:
Investment advisory fees (Note 6)			242,740			105,477			583,279			690,266
Interest expense			198,700			47,473			335,588			578,286
Licensing fees			19,194			20,053			46,152			54,617
Fund servicing fees			10,455			5,123			23,653			27,921
Management service fees (Note 6)			7,928			3,445			19,046			22,536
Professional fees			11,910			10,830			14,585			15,439
Reports to shareholders			3,061			1,332			7,309			8,649
Exchange listing fees			6,042			6,042			6,042			6,042
Pricing fees			4,335			4,335			4,335			4,335
Trustees’ fees and expenses			679			287			1,645			1,910
Insurance fees			479			208			1,141			1,362
Other			1,428			632			3,643			4,417
Total expenses			506,951			205,237			1,046,418			1,415,780
Recoupment of expenses to Adviser (Note 6)			2,694			1,430			29,957			38,651
Less: Reimbursement of expenses from Adviser (Note 6)			(3,474)			(25,590)			(1,967)			(1,809)
Net expenses			506,171			181,077			1,074,408			1,452,622
Net investment income			344,964			216,209			2,138,367			3,538,315
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			(646,450)			(1,167,449)			(1,919,112)			—
In-kind redemptions			2,915,459			2,009,237			5,956,549			—
Swap contracts			5,270,333			(708,191)			(1,412,331)			(47,746,100)
Net realized gain (loss)			7,539,342			133,597			2,625,106			(47,746,100)
Change in net unrealized appreciation (depreciation) on:
Investment securities			3,761,731			1,478,880			8,026,836			—
Swap contracts			10,685,181			5,612,973			35,640,311			(48,922,997)
Change in net unrealized appreciation (depreciation)			14,446,912			7,091,853			43,667,147			(48,922,997)
Net realized and unrealized gain (loss)			21,986,254			7,225,450			46,292,253			(96,669,097)
Net increase (decrease) in net assets resulting from operations			$22,331,218			$7,441,659			$48,430,620			$(93,130,782)

The accompanying notes are an integral part of these financial statements.

124

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily Regional Banks Bull 3X Shares			Direxion Daily Retail Bull 3X Shares			Direxion Daily S&P 500® High Beta Bull 3X Shares			Direxion Daily S&P 500® High Beta Bear 3X Shares
Investment Income:
Dividend income			$18,369,875			$557,073			$493,363			$—
Less: Foreign withholding tax			(56,436)			—			(1,163)			—
Interest income			10,595,759			851,457			957,505			2,050,194
Securities lending income			4,492			5,848			74			—
Total investment income			28,913,690			1,414,378			1,449,779			2,050,194
Expenses:
Investment advisory fees (Note 6)			5,488,071			380,011			438,176			271,308
Interest expense			4,071,029			284,031			213,146			96,640
Licensing fees			300,360			22,482			47,188			30,659
Fund servicing fees			214,353			15,802			18,083			11,595
Management service fees (Note 6)			179,173			12,415			14,321			8,867
Professional fees			53,173			12,993			13,453			12,138
Reports to shareholders			68,769			4,762			5,490			3,400
Exchange listing fees			6,042			6,042			6,042			6,042
Pricing fees			4,335			4,335			4,335			4,335
Trustees’ fees and expenses			15,365			1,056			1,213			743
Insurance fees			10,824			759			864			551
Other			32,425			2,690			1,673			1,950
Total expenses			10,443,919			747,378			763,984			448,228
Recoupment of expenses to Adviser (Note 6)			—			43			6,609			1,861
Less: Reimbursement of expenses from Adviser (Note 6)			—			(43)			(2,424)			(9,792)
Net expenses			10,443,919			747,378			768,169			440,297
Net investment income			18,469,771			667,000			681,610			1,609,897
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			(44,061,314)			(863,972)			(1,181,508)			—
In-kind redemptions			171,878,790			8,124,870			13,095,992			—
Swap contracts			215,241,840			12,244,512			22,193,605			(20,736,858)
Net realized gain (loss)			343,059,316			19,505,410			34,108,089			(20,736,858)
Change in net unrealized appreciation (depreciation) on:
Investment securities			66,756,325			819,606			2,838,055			—
Swap contracts			302,875,203			6,048,417			14,295,086			(20,988,628)
Change in net unrealized appreciation (depreciation)			369,631,528			6,868,023			17,133,141			(20,988,628)
Net realized and unrealized gain (loss)			712,690,844			26,373,433			51,241,230			(41,725,486)
Net increase (decrease) in net assets resulting from operations			$731,160,615			$27,040,433			$51,922,840			$(40,115,589)

The accompanying notes are an integral part of these financial statements.

125

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily S&P Biotech Bull 3X Shares			Direxion Daily S&P Biotech Bear 3X Shares			Direxion Daily Semiconductor Bull 3X Shares			Direxion Daily Semiconductor Bear 3X Shares
Investment Income:
Dividend income			$1,849,601			$—			$76,437,510			$—
Less: Foreign withholding tax			—			—			(3,109,005)			—
Interest income			18,607,774			5,967,815			143,676,009			47,293,295
Securities lending income			1,212,531			—			1,117,258			—
Total investment income			21,669,906			5,967,815			218,121,772			47,293,295
Expenses:
Investment advisory fees (Note 6)			7,950,844			812,897			75,056,447			6,006,920
Interest expense			9,336,240			463,625			76,190,823			2,219,451
Licensing fees			848,090			86,709			2,959,350			242,946
Fund servicing fees			310,183			32,652			3,367,861			234,514
Management service fees (Note 6)			259,577			26,553			2,450,415			196,112
Professional fees			73,296			16,403			604,754			58,064
Reports to shareholders			99,630			10,186			940,510			75,271
Exchange listing fees			5,438			6,042			6,042			4,229
Pricing fees			4,335			4,335			4,335			4,335
Trustees’ fees and expenses			22,130			2,265			210,314			16,763
Insurance fees			15,684			1,607			148,027			11,848
Other			57,410			7,433			443,105			64,440
Total expenses			18,982,857			1,470,707			162,381,983			9,134,893
Recoupment of expenses to Adviser (Note 6)			—			28,381			—			23,397
Less: Reimbursement of expenses from Adviser (Note 6)			—			(5,793)			—			(23,397)
Less: Investment advisory fees waived (Note 6)			—			—			(24,526,342)			—
Net expenses			18,982,857			1,493,295			137,855,641			9,134,893
Net investment income			2,687,049			4,474,520			80,266,131			38,158,402
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			(105,059,070)			—			(1,397,445,367)			—
In-kind redemptions			321,357,029			—			3,395,530,993			—
Swap contracts			188,948,962			(46,441,054)			3,956,206,332			(952,672,495)
Net realized gain (loss)			405,246,921			(46,441,054)			5,954,291,958			(952,672,495)
Change in net unrealized appreciation (depreciation) on:
Investment securities			10,595,322			—			75,666,374			—
Swap contracts			419,751,330			(17,914,515)			462,477,129			(111,617,494)
Change in net unrealized appreciation (depreciation)			430,346,652			(17,914,515)			538,143,503			(111,617,494)
Net realized and unrealized gain (loss)			835,593,573			(64,355,569)			6,492,435,461			(1,064,289,989)
Net increase (decrease) in net assets resulting from operations			$838,280,622			$(59,881,049)			$6,572,701,592			$(1,026,131,587)

The accompanying notes are an integral part of these financial statements.

126

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily Technology Bull 3X Shares			Direxion Daily Technology Bear 3X Shares			Direxion Daily Transportation Bull 3X Shares			Direxion Daily Utilities Bull 3X Shares
Investment Income:
Dividend income			$18,637,333			$—			$279,693			$1,050,259
Less: Foreign withholding tax			(37,196)			—			—			—
Interest income			45,022,516			5,800,893			354,890			610,146
Securities lending income			3			—			1,055			7
Total investment income			63,622,656			5,800,893			635,638			1,660,412
Expenses:
Investment advisory fees (Note 6)			23,675,488			797,813			179,206			338,180
Interest expense			25,511,366			201,611			55,299			292,425
Licensing fees			1,873,317			63,127			21,030			26,752
Fund servicing fees			921,271			32,067			7,999			14,149
Management service fees (Note 6)			772,949			26,047			5,856			11,045
Professional fees			197,837			16,283			11,412			12,659
Reports to shareholders			296,671			9,997			2,265			4,238
Exchange listing fees			7,855			6,042			6,042			6,042
Pricing fees			4,335			4,335			4,335			4,335
Trustees’ fees and expenses			66,077			2,221			486			949
Insurance fees			46,694			1,574			360			669
Other			130,915			7,425			1,066			1,027
Total expenses			53,504,775			1,168,542			295,356			712,470
Recoupment of expenses to Adviser (Note 6)			—			5,653			2,664			9,738
Less: Reimbursement of expenses from Adviser (Note 6)			—			(2,585)			(15,726)			(1,423)
Less: Investment advisory fees waived (Note 6)			(1,813,691)			—			—			—
Net expenses			51,691,084			1,171,610			282,294			720,785
Net investment income			11,931,572			4,629,283			353,344			939,627
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			(129,250,673)			—			(1,149,784)			(450,193)
In-kind redemptions			502,816,637			—			3,391,574			8,004,620
Swap contracts			751,527,920			(93,687,980)			3,892,304			3,762,274
Net realized gain (loss)			1,125,093,884			(93,687,980)			6,134,094			11,316,701
Change in net unrealized appreciation (depreciation) on:
Investment securities			187,370,861			—			1,521,790			2,518,298
Swap contracts			550,805,458			(1,329,015)			5,185,693			22,645,080
Change in net unrealized appreciation (depreciation)			738,176,319			(1,329,015)			6,707,483			25,163,378
Net realized and unrealized gain (loss)			1,863,270,203			(95,016,995)			12,841,577			36,480,079
Net increase (decrease) in net assets resulting from operations			$1,875,201,775			$(90,387,712)			$13,194,921			$37,419,706

The accompanying notes are an integral part of these financial statements.

127

DIREXION SHARES ETF TRUST

Statements of Operations

For the Year Ended October 31, 2024(Continued)

			Direxion Daily 7-10 Year Treasury Bull 3X Shares			Direxion Daily 7-10 Year Treasury Bear 3X Shares			Direxion Daily 20+ Year Treasury Bull 3X Shares			Direxion Daily 20+ Year Treasury Bear 3X Shares
Investment Income:
Dividend income			$1,112,602			$—			$132,131,801			$—
Interest income			872,596			887,589			82,211,844			11,655,824
Securities lending income			222			—			451			—
Total investment income			1,985,420			887,589			214,344,096			11,655,824
Expenses:
Investment advisory fees (Note 6)			362,500			126,169			38,350,867			1,689,565
Interest expense			59,776			64,697			12,623,104			1,189,885
Licensing fees			16,017			11,114			1,534,642			60,143
Fund servicing fees			15,115			5,942			1,491,397			66,721
Management service fees (Note 6)			11,841			4,124			1,252,064			55,161
Professional fees			12,853			10,994			313,197			23,308
Reports to shareholders			4,542			1,581			480,563			21,171
Exchange listing fees			6,042			6,042			4,833			6,042
Pricing fees			4,335			4,335			4,335			4,335
Trustees’ fees and expenses			1,018			344			107,895			4,684
Insurance fees			719			257			75,633			3,333
Other			2,141			756			331,749			9,980
Total expenses			496,899			236,355			56,570,279			3,134,328
Recoupment of expenses to Adviser (Note 6)			24,870			1,529			—			—
Less: Reimbursement of expenses from Adviser (Note 6)			(2,826)			(13,374)			—			—
Less: Investment advisory fees waived (Note 6)			—			—			(7,397,071)			—
Net expenses			518,943			224,510			49,173,208			3,134,328
Net investment income			1,466,477			663,079			165,170,888			8,521,496
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on:
Investment securities			(392,545)			—			(233,909,526)			—
In-kind redemptions			849,618			—			168,171,166			—
Swap contracts			(1,575,088)			1,891,636			(416,252,330)			(84,727,793)
Net realized gain (loss)			(1,118,015)			1,891,636			(481,990,690)			(84,727,793)
Change in net unrealized appreciation (depreciation) on:
Investment securities			2,003,214			—			180,757,634			—
Swap contracts			5,996,115			(6,176,265)			566,949,423			(35,851,867)
Change in net unrealized appreciation (depreciation)			7,999,329			(6,176,265)			747,707,057			(35,851,867)
Net realized and unrealized gain (loss)			6,881,314			(4,284,629)			265,716,367			(120,579,660)
Net increase (decrease) in net assets resulting from operations			$8,347,791			$(3,621,550)			$430,887,255			$(112,058,164)

The accompanying notes are an integral part of these financial statements.

128

Direxion Shares ETF Trust

Statements of Changes in Net Assets

			Direxion Daily Mid Cap Bull 3X Shares						Direxion Daily S&P 500® Bull 3X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$1,026,649			$729,677			$40,687,561			$31,361,020
Net realized gain (loss)			12,400,838			(295,132)			1,639,702,297			493,813,559
Change in net unrealized appreciation (depreciation)			21,357,253			(12,052,201)			1,221,622,789			(245,170,391)
Net increase (decrease) in net assets resulting from operations			34,784,740			(11,617,656)			2,902,012,647			280,004,188
Distributions to shareholders:
Net distributions to shareholders			(1,139,996)			(561,170)			(39,739,010)			(30,072,958)
Total distributions			(1,139,996)			(561,170)			(39,739,010)			(30,072,958)
Capital share transactions:
Proceeds from shares sold			158,173,809			25,899,605			8,725,894,453			18,791,731,585
Cost of shares redeemed			(149,058,478)			(21,953,229)			(9,309,585,771)			(18,969,017,688)
Transaction fees (Note 4)			37,987			5,075			2,837,580			6,012,150
Net increase (decrease) in net assets resulting from capital transactions			9,153,318			3,951,451			(580,853,738)			(171,273,953)
Total increase (decrease) in net assets			42,798,062			(8,227,375)			2,281,419,899			78,657,277
Net assets:
Beginning of year			39,573,233			47,800,608			2,625,284,992			2,546,627,715
End of year			$82,371,295			$39,573,233			$4,906,704,891			$2,625,284,992
Changes in shares outstanding
Shares outstanding, beginning of year			1,400,132			1,300,132			36,400,002			38,600,002
Shares sold			3,150,000			700,000			74,600,000			247,300,000
Shares repurchased			(3,000,000)			(600,000)			(79,850,000)			(249,500,000)
Shares outstanding, end of year			1,550,132			1,400,132			31,150,002			36,400,002

The accompanying notes are an integral part of these financial statements.

129

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily S&P 500® Bear 3X Shares						Direxion Daily Small Cap Bull 3X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$25,344,974			$31,861,346			$26,063,611			$17,310,157
Net realized gain (loss)			(351,457,650)			(354,148,994)			561,345,294			(129,596,114)
Change in net unrealized appreciation (depreciation)			(150,052,216)			33,783,805			612,634,156			(382,518,110)
Net increase (decrease) in net assets resulting from operations			(476,164,892)			(288,503,843)			1,200,043,061			(494,804,067)
Distributions to shareholders:
Net distributions to shareholders			(26,415,736)			(28,572,014)			(24,512,275)			(14,324,864)
Total distributions			(26,415,736)			(28,572,014)			(24,512,275)			(14,324,864)
Capital share transactions:
Proceeds from shares sold			2,080,772,133			8,625,642,166			8,692,020,177			2,970,252,135
Cost of shares redeemed			(1,768,756,462)			(8,508,296,380)			(8,983,594,745)			(2,406,622,006)
Transaction fees (Note 4)			1,326,302			2,974,442			2,440,243			637,100
Net increase (decrease) in net assets resulting from capital transactions			313,341,973			120,320,228			(289,134,325)			564,267,229
Total increase (decrease) in net assets			(189,238,655)			(196,755,629)			886,396,461			55,138,298
Net assets:
Beginning of year			690,955,403			887,711,032			1,272,601,099			1,217,462,801
End of year			$501,716,748			$690,955,403			$2,158,997,560			$1,272,601,099
Changes in shares outstanding
Shares outstanding, beginning of year			40,776,918			39,176,918			55,900,002			31,800,002
Shares sold			211,900,000			499,300,000			234,650,000			94,450,000
Shares repurchased			(179,900,000)			(497,700,000)			(238,850,000)			(70,350,000)
Shares outstanding, end of year			72,776,918			40,776,918			51,700,002			55,900,002

The accompanying notes are an integral part of these financial statements.

130

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Small Cap Bear 3X Shares						Direxion Daily FTSE China Bull 3X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$15,497,432			$15,956,558			$22,756,675			$13,479,675
Net realized gain (loss)			(206,762,166)			31,649,820			(9,619,915)			(141,727,273)
Change in net unrealized appreciation (depreciation)			(93,150,575)			108,311,261			(64,464,717)			41,286,308
Net increase (decrease) in net assets resulting from operations			(284,415,309)			155,917,639			(51,327,957)			(86,961,290)
Distributions to shareholders:
Net distributions to shareholders			(15,633,570)			(14,268,127)			(21,768,257)			(12,964,676)
Total distributions			(15,633,570)			(14,268,127)			(21,768,257)			(12,964,676)
Capital share transactions:
Proceeds from shares sold			4,956,622,532			3,893,240,098			2,579,332,385			922,081,035
Cost of shares redeemed			(4,642,261,009)			(4,254,789,353)			(1,132,836,355)			(411,545,397)
Transaction fees (Note 4)			1,392,678			1,276,437			14,490,359			88,718
Net increase (decrease) in net assets resulting from capital transactions			315,754,201			(360,272,818)			1,460,986,389			510,624,356
Total increase (decrease) in net assets			15,705,322			(218,623,306)			1,387,890,175			410,698,390
Net assets:
Beginning of year			328,541,859			547,165,165			628,055,632			217,357,242
End of year			$344,247,181			$328,541,859			$2,015,945,807			$628,055,632
Changes in shares outstanding
Shares outstanding, beginning of year			8,622,797			16,922,797			25,042,767			10,892,767
Shares sold			251,150,000			130,900,000			84,050,000			24,850,000
Shares repurchased			(235,400,000)			(139,200,000)			(48,000,000)			(10,700,000)
Shares outstanding, end of year			24,372,797			8,622,797			61,092,767			25,042,767

The accompanying notes are an integral part of these financial statements.

131

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily FTSE China Bear 3X Shares1						Direxion Daily FTSE Europe Bull 3X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$6,108,210			$4,962,706			$640,156			$651,027
Net realized gain (loss)			(100,693,444)			(89,498,058)			6,185,685			5,016,440
Change in net unrealized appreciation (depreciation)			6,661,370			(32,205,955)			2,844,458			291,715
Net increase (decrease) in net assets resulting from operations			(87,923,864)			(116,741,307)			9,670,299			5,959,182
Distributions to shareholders:
Net distributions to shareholders			(5,609,445)			(4,391,757)			(699,054)			(644,761)
Total distributions			(5,609,445)			(4,391,757)			(699,054)			(644,761)
Capital share transactions:
Proceeds from shares sold			1,293,303,648			821,426,984			4,085,054			10,268,079
Cost of shares redeemed			(1,139,625,705)			(745,469,074)			(8,715,207)			(16,035,431)
Transaction fees (Note 4)			341,887			223,641			1,998			3,511
Net increase (decrease) in net assets resulting from capital transactions			154,019,830			76,181,551			(4,628,155)			(5,763,841)
Total increase (decrease) in net assets			60,486,521			(44,951,513)			4,343,090			(449,420)
Net assets:
Beginning of year			123,996,541			168,948,054			17,515,768			17,965,188
End of year			$184,483,062			$123,996,541			$21,858,858			$17,515,768
Changes in shares outstanding
Shares outstanding, beginning of year			513,867			221,367			1,100,001			1,400,001
Shares sold			10,320,000			3,970,000			150,000			500,000
Shares repurchased			(8,332,500)			(3,677,500)			(350,000)			(800,000)
Shares outstanding, end of year			2,501,367			513,867			900,001			1,100,001

1
Effective November 4, 2024, the Fund had a 1:20 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:20 stock split.

The accompanying notes are an integral part of these financial statements.

132

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily MSCI Emerging Markets Bull 3X Shares						Direxion Daily MSCI Emerging Markets Bear 3X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$2,979,031			$3,144,412			$823,979			$973,564
Net realized gain (loss)			4,414,925			(11,394,941)			(7,688,934)			(7,782,188)
Change in net unrealized appreciation (depreciation)			26,408,297			5,267,937			(4,222,853)			(9,500,375)
Net increase (decrease) in net assets resulting from operations			33,802,253			(2,982,592)			(11,087,808)			(16,308,999)
Distributions to shareholders:
Net distributions to shareholders			(3,081,697)			(2,726,771)			(876,879)			(854,921)
Total distributions			(3,081,697)			(2,726,771)			(876,879)			(854,921)
Capital share transactions:
Proceeds from shares sold			49,600,858			75,427,616			25,497,054			19,254,406
Cost of shares redeemed			(62,657,346)			(54,069,091)			(24,931,937)			(30,369,698)
Transaction fees (Note 4)			14,824			11,330			7,480			9,111
Net increase (decrease) in net assets resulting from capital transactions			(13,041,664)			21,369,855			572,597			(11,106,181)
Total increase (decrease) in net assets			17,678,892			15,660,492			(11,392,090)			(28,270,101)
Net assets:
Beginning of year			65,027,555			49,367,063			28,183,062			56,453,163
End of year			$82,706,447			$65,027,555			$16,790,972			$28,183,062
Changes in shares outstanding
Shares outstanding, beginning of year			2,881,598			2,281,598			1,845,232			2,695,232
Shares sold			1,550,000			2,400,000			2,400,000			1,500,000
Shares repurchased			(2,000,000)			(1,800,000)			(2,150,000)			(2,350,000)
Shares outstanding, end of year			2,431,598			2,881,598			2,095,232			1,845,232

The accompanying notes are an integral part of these financial statements.

133

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily MSCI Mexico Bull 3X Shares						Direxion Daily MSCI South Korea Bull 3X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$536,961			$283,045			$959,553			$507,329
Net realized gain (loss)			(5,764,550)			6,236,218			4,484,121			2,730,832
Change in net unrealized appreciation (depreciation)			(4,031,027)			(3,700,001)			230,282			(6,816,848)
Net increase (decrease) in net assets resulting from operations			(9,258,616)			2,819,262			5,673,956			(3,578,687)
Distributions to shareholders:
Net distributions to shareholders			(491,027)			(286,563)			(970,525)			(436,999)
Total distributions			(491,027)			(286,563)			(970,525)			(436,999)
Capital share transactions:
Proceeds from shares sold			37,515,556			15,750,207			79,679,151			25,600,417
Cost of shares redeemed			(13,468,682)			(19,398,339)			(52,751,531)			(15,628,967)
Transaction fees (Note 4)			3,342			5,062			12,120			3,313
Net increase (decrease) in net assets resulting from capital transactions			24,050,216			(3,643,070)			26,939,740			9,974,763
Total increase (decrease) in net assets			14,300,573			(1,110,371)			31,643,171			5,959,077
Net assets:
Beginning of year			10,539,247			11,649,618			26,052,976			20,093,899
End of year			$24,839,820			$10,539,247			$57,696,147			$26,052,976
Changes in shares outstanding
Shares outstanding, beginning of year			566,025			666,025			4,750,001			3,350,001
Shares sold			2,250,000			650,000			12,000,000			3,150,000
Shares repurchased			(750,000)			(750,000)			(6,400,000)			(1,750,000)
Shares outstanding, end of year			2,066,025			566,025			10,350,001			4,750,001

The accompanying notes are an integral part of these financial statements.

134

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Aerospace & Defense Bull 3X Shares						Direxion Daily Consumer Discretionary Bull 3X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$2,355,683			$2,101,884			$271,627			$175,074
Net realized gain			65,174,203			38,161,078			7,518,574			2,586,394
Change in net unrealized appreciation (depreciation)			43,298,484			(44,873,426)			9,706,732			(2,661,483)
Net increase (decrease) in net assets resulting from operations			110,828,370			(4,610,464)			17,496,933			99,985
Distributions to shareholders:
Net distributions to shareholders			(2,077,148)			(1,980,147)			(266,362)			(111,347)
Total distributions			(2,077,148)			(1,980,147)			(266,362)			(111,347)
Capital share transactions:
Proceeds from shares sold			40,869,864			103,188,750			2,383,352			13,972,663
Cost of shares redeemed			(118,032,980)			(136,054,284)			(21,610,377)			(13,694,704)
Transaction fees (Note 4)			24,752			33,197			4,492			2,739
Net increase (decrease) in net assets resulting from capital transactions			(77,138,364)			(32,832,337)			(19,222,533)			280,698
Total increase (decrease) in net assets			31,612,858			(39,422,948)			(1,991,962)			269,336
Net assets:
Beginning of year			155,357,207			194,780,155			24,922,153			24,652,817
End of year			$186,970,065			$155,357,207			$22,930,191			$24,922,153
Changes in shares outstanding
Shares outstanding, beginning of year			9,500,001			10,750,001			1,150,001			1,050,001
Shares sold			1,350,000			6,150,000			100,000			600,000
Shares repurchased			(4,900,000)			(7,400,000)			(650,000)			(500,000)
Shares outstanding, end of year			5,950,001			9,500,001			600,001			1,150,001

The accompanying notes are an integral part of these financial statements.

135

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Dow Jones Internet Bull 3X Shares						Direxion Daily Dow Jones Internet Bear 3X Shares1
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income (loss)			$(23,308)			$(51,880)			$949,955			$1,474,338
Net realized gain (loss)			122,547,695			(6,124,890)			(22,875,904)			(11,921,685)
Change in net unrealized appreciation (depreciation)			16,436,559			40,456,291			(3,874,887)			(18,295,105)
Net increase (decrease) in net assets resulting from operations			138,960,946			34,279,521			(25,800,836)			(28,742,452)
Distributions to shareholders:
Net distributions to shareholders			—			—			(1,078,267)			(1,371,721)
Return of capital			—			(1,546)			—			—
Total distributions			—			(1,546)			(1,078,267)			(1,371,721)
Capital share transactions:
Proceeds from shares sold			30,848,130			104,197,095			41,575,860			106,583,948
Cost of shares redeemed			(153,623,373)			(122,968,019)			(34,232,422)			(96,028,844)
Transaction fees (Note 4)			32,983			26,754			10,270			28,809
Net increase (decrease) in net assets resulting from capital transactions			(122,742,260)			(18,744,170)			7,353,708			10,583,913
Total increase (decrease) in net assets			16,218,686			15,533,805			(19,525,395)			(19,530,260)
Net assets:
Beginning of year			118,634,150			103,100,345			36,652,505			56,182,765
End of year			$134,852,836			$118,634,150			$17,127,110			$36,652,505
Changes in shares outstanding
Shares outstanding, beginning of year			13,750,001			14,300,001			231,995			146,995
Shares sold			1,850,000			14,550,000			575,000			500,000
Shares repurchased			(9,000,000)			(15,100,000)			(460,000)			(415,000)
Shares outstanding, end of year			6,600,001			13,750,001			346,995			231,995

1
Effective November 4, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

The accompanying notes are an integral part of these financial statements.

136

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Financial Bull 3X Shares						Direxion Daily Financial Bear 3X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$26,909,433			$33,079,629			$6,460,140			$5,662,574
Net realized gain (loss)			856,150,641			(9,086,237)			(99,496,728)			(29,113,509)
Change in net unrealized appreciation (depreciation)			1,094,151,753			(397,372,050)			(56,008,541)			56,575,557
Net increase (decrease) in net assets resulting from operations			1,977,211,827			(373,378,658)			(149,045,129)			33,124,622
Distributions to shareholders:
Net distributions to shareholders			(29,119,868)			(38,385,156)			(6,527,992)			(4,956,381)
Total distributions			(29,119,868)			(38,385,156)			(6,527,992)			(4,956,381)
Capital share transactions:
Proceeds from shares sold			1,245,752,570			1,239,410,866			1,300,328,127			833,758,977
Cost of shares redeemed			(2,252,694,744)			(1,287,728,240)			(1,184,411,043)			(885,265,901)
Transaction fees (Note 4)			535,777			282,793			355,324			265,579
Net increase (decrease) in net assets resulting from capital transactions			(1,006,406,397)			(48,034,581)			116,272,408			(51,241,345)
Total increase (decrease) in net assets			941,685,562			(459,798,395)			(39,300,713)			(23,073,104)
Net assets:
Beginning of year			1,432,424,635			1,892,223,030			167,616,899			190,690,003
End of year			$2,374,110,197			$1,432,424,635			$128,316,186			$167,616,899
Changes in shares outstanding
Shares outstanding, beginning of year			26,799,289			25,699,289			7,753,350			9,303,350
Shares sold			13,050,000			20,750,000			101,850,000			42,550,000
Shares repurchased			(22,700,000)			(19,650,000)			(92,150,000)			(44,100,000)
Shares outstanding, end of year			17,149,289			26,799,289			17,453,350			7,753,350

The accompanying notes are an integral part of these financial statements.

137

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Healthcare Bull 3X Shares						Direxion Daily Homebuilders & Supplies Bull 3X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$2,172,749			$3,315,117			$1,365,901			$520,389
Net realized gain			5,377,132			2,485,755			217,739,079			60,764,388
Change in net unrealized appreciation (depreciation)			63,996,255			(55,554,511)			59,300,635			28,643,606
Net increase (decrease) in net assets resulting from operations			71,546,136			(49,753,639)			278,405,615			89,928,383
Distributions to shareholders:
Net distributions to shareholders			​(2,549,412)			(3,100,894)			(1,197,408)			(748,870)
Return of capital			(2,143)			—			—			—
Total distributions			(2,551,555)			(3,100,894)			(1,197,408)			(748,870)
Capital share transactions:
Proceeds from shares sold			11,362,108			56,773,234			236,073,974			66,139,335
Cost of shares redeemed			(80,544,553)			(45,894,627)			(334,550,672)			(136,936,567)
Transaction fees (Note 4)			19,070			10,576			68,545			32,162
Net increase (decrease) in net assets resulting from capital transactions			(69,163,375)			10,889,183			(98,408,153)			(70,765,070)
Total increase (decrease) in net assets			(168,794)			(41,965,350)			178,800,054			18,414,443
Net assets:
Beginning of year			154,064,945			196,030,295			149,559,134			131,144,691
End of year			$ 153,896,151			$154,064,945			$328,359,188			$149,559,134
Changes in shares outstanding
Shares outstanding, beginning of year			1,950,008			1,800,008			3,400,000			5,000,000
Shares sold			100,000			600,000			2,000,000			1,300,000
Shares repurchased			(700,000)			(450,000)			(2,850,000)			(2,900,000)
Shares outstanding, end of year			1,350,008			1,950,008			2,550,000			3,400,000

The accompanying notes are an integral part of these financial statements.

138

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Industrials Bull 3X Shares						Direxion Daily Pharmaceutical & Medical Bull 3X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$344,964			$347,465			$216,209			$156,299
Net realized gain (loss)			7,539,342			3,111,847			133,597			(2,266,822)
Change in net unrealized appreciation (depreciation)			14,446,912			(3,585,964)			7,091,853			(4,079,310)
Net increase (decrease) in net assets resulting from operations			22,331,218			(126,652)			7,441,659			(6,189,833)
Distributions to shareholders:
Net distributions to shareholders			(331,010)			(354,278)			(221,030)			(158,160)
Total distributions			(331,010)			(354,278)			(221,030)			(158,160)
Capital share transactions:
Proceeds from shares sold			13,931,367			11,695,357			11,773,287			4,285,507
Cost of shares redeemed			(18,667,117)			(10,347,637)			(12,404,588)			(930,516)
Transaction fees (Note 4)			3,734			2,069			2,700			186
Net increase (decrease) in net assets resulting from capital transactions			(4,732,016)			1,349,789			(628,601)			3,355,177
Total increase (decrease) in net assets			17,268,192			868,859			6,592,028			(2,992,816)
Net assets:
Beginning of year			19,741,772			18,872,913			8,180,207			11,173,023
End of year			$37,009,964			$19,741,772			$14,772,235			$8,180,207
Changes in shares outstanding
Shares outstanding, beginning of year			700,001			650,001			1,600,001			1,100,001
Shares sold			300,000			350,000			1,700,000			600,000
Shares repurchased			(400,000)			(300,000)			(1,650,000)			(100,000)
Shares outstanding, end of year			600,001			700,001			1,650,001			1,600,001

The accompanying notes are an integral part of these financial statements.

139

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Real Estate Bull 3X Shares						Direxion Daily Real Estate Bear 3X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$2,138,367			$1,490,577			$3,538,315			$5,370,364
Net realized gain (loss)			2,625,106			(5,947,975)			(47,746,100)			(30,705,437)
Change in net unrealized appreciation (depreciation)			43,667,147			(14,797,199)			(48,922,997)			38,664,711
Net increase (decrease) in net assets resulting from operations			48,430,620			(19,254,597)			(93,130,782)			13,329,638
Distributions to shareholders:
Net distributions to shareholders			​(1,897,536)			(1,269,699)			(3,854,456)			(5,064,803)
Return of capital			​(104,343)			(9,595)			—			—
Total distributions			(2,001,879)			(1,279,294)			(3,854,456)			(5,064,803)
Capital share transactions:
Proceeds from shares sold			55,846,289			47,755,605			334,872,148			177,028,894
Cost of shares redeemed			(50,377,351)			(29,784,937)			(323,587,303)			(238,837,953)
Transaction fees (Note 4)			10,992			6,493			97,076			71,651
Net increase (decrease) in net assets resulting from capital transactions			5,479,930			17,977,161			11,381,921			(61,737,408)
Total increase (decrease) in net assets			51,908,671			(2,556,730)			(85,603,317)			(53,472,573)
Net assets:
Beginning of year			44,711,317			47,268,047			151,960,810			205,433,383
End of year			$96,619,988			$44,711,317			$66,357,493			$151,960,810
Changes in shares outstanding
Shares outstanding, beginning of year			7,300,000			4,800,000			2,334,045			3,384,045
Shares sold			5,950,000			5,650,000			8,000,000			3,450,000
Shares repurchased			(5,150,000)			(3,150,000)			(7,750,000)			(4,500,000)
Shares outstanding, end of year			8,100,000			7,300,000			2,584,045			2,334,045

The accompanying notes are an integral part of these financial statements.

140

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Regional Banks Bull 3X Shares						Direxion Daily Retail Bull 3X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$18,469,771			$9,912,041			$667,000			$771,755
Net realized gain (loss)			343,059,316			(229,388,819)			19,505,410			(8,445,808)
Change in net unrealized appreciation (depreciation)			369,631,528			(45,685,169)			6,868,023			(7,932,387)
Net increase (decrease) in net assets resulting from operations			731,160,615			(265,161,947)			27,040,433			(15,606,440)
Distributions to shareholders:
Net distributions to shareholders			(18,854,004)			(9,723,478)			(698,835)			(826,260)
Total distributions			(18,854,004)			(9,723,478)			(698,835)			(826,260)
Capital share transactions:
Proceeds from shares sold			937,670,554			1,112,836,754			34,649,148			39,275,537
Cost of shares redeemed			(1,335,137,365)			(602,740,553)			(59,193,535)			(34,916,098)
Transaction fees (Note 4)			293,603			137,290			13,827			7,856
Net increase (decrease) in net assets resulting from capital transactions			(397,173,208)			510,233,491			(24,530,560)			4,367,295
Total increase (decrease) in net assets			315,133,403			235,348,066			1,811,038			(12,065,405)
Net assets:
Beginning of year			447,780,629			212,432,563			38,954,219			51,019,624
End of year			$762,914,032			$447,780,629			$40,765,257			$38,954,219
Changes in shares outstanding
Shares outstanding, beginning of year			9,973,935			709,859			7,621,105			6,271,105
Shares sold			12,950,000			17,385,000			4,100,000			5,800,000
Shares repurchased			(15,950,000)			(8,120,924)			(6,850,000)			(4,450,000)
Shares outstanding, end of year			6,973,935			9,973,935			4,871,105			7,621,105

The accompanying notes are an integral part of these financial statements.

141

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily S&P 500® High Beta Bull 3X Shares						Direxion Daily S&P 500® High Beta Bear 3X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$681,610			$413,255			$1,609,897			$2,059,898
Net realized gain (loss)			34,108,089			12,118,699			(20,736,858)			(25,035,751)
Change in net unrealized appreciation (depreciation)			17,133,141			(16,677,923)			(20,988,628)			5,370,298
Net increase (decrease) in net assets resulting from operations			51,922,840			(4,145,969)			(40,115,589)			(17,605,555)
Distributions to shareholders:
Net distributions to shareholders			(684,425)			(383,793)			(1,760,835)			(1,776,769)
Total distributions			(684,425)			(383,793)			(1,760,835)			(1,776,769)
Capital share transactions:
Proceeds from shares sold			27,106,274			57,992,938			71,603,904			123,123,807
Cost of shares redeemed			(98,444,169)			(63,528,590)			(61,523,668)			(108,582,683)
Transaction fees (Note 4)			22,138			13,806			18,457			32,572
Net increase (decrease) in net assets resulting from capital transactions			(71,315,757)			(5,521,846)			10,098,693			14,573,696
Total decrease in net assets			(20,077,342)			(10,051,608)			(31,777,731)			(4,808,628)
Net assets:
Beginning of year			59,182,957			69,234,565			61,619,048			66,427,676
End of year			$39,105,615			$59,182,957			$29,841,317			$61,619,048
Changes in shares outstanding
Shares outstanding, beginning of year			2,814,370			2,714,370			1,025,454			770,683
Shares sold			700,000			2,100,000			2,600,000			2,295,000
Shares repurchased			(2,550,000)			(2,000,000)			(2,200,000)			(2,040,229)
Shares outstanding, end of year			964,370			2,814,370			1,425,454			1,025,454

The accompanying notes are an integral part of these financial statements.

142

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily S&P Biotech Bull 3X Shares						Direxion Daily S&P Biotech Bear 3X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$2,687,049			$6,689,908			$4,474,520			$3,439,371
Net realized gain (loss)			405,246,921			(385,343,790)			(46,441,054)			15,206,346
Change in net unrealized appreciation (depreciation)			430,346,652			(367,624,729)			(17,914,515)			22,122,182
Net increase (decrease) in net assets resulting from operations			838,280,622			(746,278,611)			(59,881,049)			40,767,899
Distributions to shareholders:
Net distributions to shareholders			​(4,277,465)			(1,704,008)			(4,302,906)			(3,401,055)
Return of capital			​(1,053,048)			—			—			—
Total distributions			(5,330,513)			(1,704,008)			(4,302,906)			(3,401,055)
Capital share transactions:
Proceeds from shares sold			1,568,713,191			1,907,865,730			1,021,935,854			1,009,371,534
Cost of shares redeemed			(2,192,242,411)			(1,642,625,529)			(942,123,153)			(1,175,141,339)
Transaction fees (Note 4)			501,573			400,518			282,637			352,543
Net increase (decrease) in net assets resulting from capital transactions			(623,027,647)			265,640,719			80,095,338			(165,417,262)
Total increase (decrease) in net assets			209,922,462			(482,341,900)			15,911,383			(128,050,418)
Net assets:
Beginning of year			677,504,917			1,159,846,817			61,924,350			189,974,768
End of year			$887,427,379			$677,504,917			$77,835,733			$61,924,350
Changes in shares outstanding
Shares outstanding, beginning of year			12,445,580			7,813,080			2,316,024			9,416,024
Shares sold			13,985,000			16,910,000			127,850,000			62,500,000
Shares repurchased			(19,006,094)			(12,277,500)			(117,550,000)			(69,600,000)
Shares outstanding, end of year			7,424,486			12,445,580			12,616,024			2,316,024

The accompanying notes are an integral part of these financial statements.

143

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Semiconductor Bull 3X Shares						Direxion Daily Semiconductor Bear 3X Shares1
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$80,266,131			$42,961,896			$38,158,402			$46,921,429
Net realized gain (loss)			5,954,291,958			1,720,324,932			(952,672,495)			(1,440,154,710)
Change in net unrealized appreciation (depreciation)			538,143,503			839,332,544			(111,617,494)			89,548,417
Net increase (decrease) in net assets resulting from operations			6,572,701,592			2,602,619,372			(1,026,131,587)			(1,303,684,864)
Distributions to shareholders:
Net distributions to shareholders			(76,014,041)			(43,096,740)			(38,472,872)			(43,792,551)
Total distributions			(76,014,041)			(43,096,740)			(38,472,872)			(43,792,551)
Capital share transactions:
Proceeds from shares sold			25,562,714,730			10,580,937,669			8,057,514,286			9,770,072,277
Cost of shares redeemed			(27,548,978,143)			(11,207,940,372)			(6,848,285,720)			(8,305,932,790)
Transaction fees (Note 4)			7,043,432			2,957,947			3,079,340			2,472,680
Net increase (decrease) in net assets resulting from capital transactions			(1,979,219,981)			(624,044,756)			1,212,307,906			1,466,612,167
Total increase in net assets			4,517,467,570			1,935,477,876			147,703,447			119,134,752
Net assets:
Beginning of year			5,409,550,146			3,474,072,270			710,105,701			590,970,949
End of year			$9,927,017,716			$5,409,550,146			$857,809,148			$710,105,701
Changes in shares outstanding
Shares outstanding, beginning of year			362,550,060			390,950,060			5,242,344			992,344
Shares sold			703,950,000			617,300,000			245,680,000			61,115,000
Shares repurchased			(734,850,000)			(645,700,000)			(213,835,822)			(56,865,000)
Shares outstanding, end of year			331,650,060			362,550,060			37,086,522			5,242,344

1
Effective April 15, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

The accompanying notes are an integral part of these financial statements.

144

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Technology Bull 3X Shares						Direxion Daily Technology Bear 3X Shares1
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$11,931,572			$8,511,155			$4,629,283			$5,628,820
Net realized gain (loss)			1,125,093,884			726,387,060			(93,687,980)			(104,388,956)
Change in net unrealized appreciation (depreciation)			738,176,319			115,113,941			(1,329,015)			(36,021,980)
Net increase (decrease) in net assets resulting from operations			1,875,201,775			850,012,156			(90,387,712)			(134,782,116)
Distributions to shareholders:
Net distributions to shareholders			(11,519,235)			(8,366,866)			(4,898,417)			(4,968,948)
Total distributions			(11,519,235)			(8,366,866)			(4,898,417)			(4,968,948)
Capital share transactions:
Proceeds from shares sold			3,339,904,681			1,413,005,654			1,353,262,080			1,129,604,048
Cost of shares redeemed			(4,136,493,265)			(1,608,844,840)			(1,271,502,400)			(1,035,197,838)
Transaction fees (Note 4)			958,422			359,690			381,449			310,560
Net increase (decrease) in net assets resulting from capital transactions			(795,630,162)			(195,479,496)			82,141,129			94,716,770
Total increase (decrease) in net assets			1,068,052,378			646,165,794			(13,145,000)			(45,034,294)
Net assets:
Beginning of year			2,014,960,734			1,368,794,940			114,500,214			159,534,508
End of year			$3,083,013,112			$2,014,960,734			$101,355,214			$114,500,214
Changes in shares outstanding
Shares outstanding, beginning of year			47,550,000			53,300,000			710,026			380,026
Shares sold			47,350,000			34,000,000			16,115,000			5,635,000
Shares repurchased			(57,250,000)			(39,750,000)			(15,000,000)			(5,305,000)
Shares outstanding, end of year			37,650,000			47,550,000			1,825,026			710,026

1
Effective November 4, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

The accompanying notes are an integral part of these financial statements.

145

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily Transportation Bull 3X Shares						Direxion Daily Utilities Bull 3X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$353,344			$376,536			$939,627			$653,332
Net realized gain (loss)			6,134,094			(627,835)			11,316,701			(4,821,348)
Change in net unrealized appreciation (depreciation)			6,707,483			(326,794)			25,163,378			(4,719,266)
Net increase (decrease) in net assets resulting from operations			13,194,921			(578,093)			37,419,706			(8,887,282)
Distributions to shareholders:
Net distributions to shareholders			(367,458)			(358,776)			(1,032,613)			(565,817)
Total distributions			(367,458)			(358,776)			(1,032,613)			(565,817)
Capital share transactions:
Proceeds from shares sold			6,686,797			6,300,874			61,115,484			47,512,186
Cost of shares redeemed			(15,701,082)			(11,184,977)			(80,071,150)			(22,114,430)
Transaction fees (Note 4)			3,141			2,694			16,773			4,423
Net increase (decrease) in net assets resulting from capital transactions			(9,011,144)			(4,881,409)			(18,938,893)			25,402,179
Total increase (decrease) in net assets			3,816,319			(5,818,278)			17,448,200			15,949,080
Net assets:
Beginning of year			17,424,232			23,242,510			37,831,705			21,882,625
End of year			$21,240,551			$17,424,232			$55,279,905			$37,831,705
Changes in shares outstanding
Shares outstanding, beginning of year			900,001			1,050,001			2,100,001			750,001
Shares sold			250,000			250,000			2,300,000			2,100,000
Shares repurchased			(500,000)			(400,000)			(2,950,000)			(750,000)
Shares outstanding, end of year			650,001			900,001			1,450,001			2,100,001

The accompanying notes are an integral part of these financial statements.

146

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily 7-10 Year Treasury Bull 3X Shares						Direxion Daily 7-10 Year Treasury Bear 3X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$1,466,477			$846,763			$663,079			$979,531
Net realized gain (loss)			(1,118,015)			(7,179,054)			1,891,636			927,443
Change in net unrealized appreciation (depreciation)			7,999,329			(3,657,657)			(6,176,265)			371,604
Net increase (decrease) in net assets resulting from operations			8,347,791			(9,989,948)			(3,621,550)			2,278,578
Distributions to shareholders:
Net distributions to shareholders			(1,486,393)			(733,853)			(715,511)			(868,392)
Total distributions			(1,486,393)			(733,853)			(715,511)			(868,392)
Capital share transactions:
Proceeds from shares sold			43,372,533			48,828,705			7,143,989			14,265,610
Cost of shares redeemed			(41,736,665)			(18,107,208)			(17,695,600)			(42,207,200)
Transaction fees (Note 4)			10,569			5,288			5,309			25,274
Net increase (decrease) in net assets resulting from capital transactions			1,646,437			30,726,785			(10,546,302)			(27,916,316)
Total increase (decrease) in net assets			8,507,835			20,002,984			(14,883,363)			(26,506,130)
Net assets:
Beginning of year			44,284,720			24,281,736			29,629,318			56,135,448
End of year			$52,792,555			$44,284,720			$14,745,955			$29,629,318
Changes in shares outstanding
Shares outstanding, beginning of year			1,950,000			850,000			1,800,000			3,950,000
Shares sold			1,650,000			1,700,000			500,000			1,050,000
Shares repurchased			(1,500,000)			(600,000)			(1,250,000)			(3,200,000)
Shares outstanding, end of year			2,100,000			1,950,000			1,050,000			1,800,000

The accompanying notes are an integral part of these financial statements.

147

Direxion Shares ETF Trust

Statements of Changes in Net Assets(Continued)

			Direxion Daily 20+ Year Treasury Bull 3X Shares						Direxion Daily 20+ Year Treasury Bear 3X Shares
			Year Ended October 31,						Year Ended October 31,
			2024			2023			2024			2023
Operations:
Net investment income			$165,170,888			$52,328,244			$8,521,496			$12,343,378
Net realized gain (loss)			(481,990,690)			(1,037,298,687)			(84,727,793)			96,540,706
Change in net unrealized appreciation (depreciation)			747,707,057			(525,010,582)			(35,851,867)			(86,933,259)
Net increase (decrease) in net assets resulting from operations			430,887,255			(1,509,981,025)			(112,058,164)			21,950,825
Distributions to shareholders:
Net distributions to shareholders			(160,750,393)			(43,514,596)			(9,322,553)			(10,844,169)
Total distributions			(160,750,393)			(43,514,596)			(9,322,553)			(10,844,169)
Capital share transactions:
Proceeds from shares sold			12,461,286,545			4,677,431,969			2,349,060,046			1,826,053,350
Cost of shares redeemed			(8,968,495,310)			(1,265,403,706)			(2,453,063,679)			(2,124,903,945)
Transaction fees (Note 4)			2,442,361			385,412			1,572,279			637,471
Net increase (decrease) in net assets resulting from capital transactions			3,495,233,596			3,412,413,675			(102,431,354)			(298,213,124)
Total increase (decrease) in net assets			3,765,370,458			1,858,918,054			(223,812,071)			(287,106,468)
Net assets:
Beginning of year			2,296,103,374			437,185,320			401,543,190			688,649,658
End of year			$6,061,473,832			$2,296,103,374			$177,731,119			$401,543,190
Changes in shares outstanding
Shares outstanding, beginning of year			57,830,000			6,235,000			7,797,044			17,297,044
Shares sold			236,425,000			71,190,000			67,650,000			52,900,000
Shares repurchased			(168,056,614)			(19,595,000)			(70,300,000)			(62,400,000)
Shares outstanding, end of year			126,198,386			57,830,000			5,147,044			7,797,044

The accompanying notes are an integral part of these financial statements.

148

DIREXION SHARES ETF TRUST

Financial Highlights

October 31, 2024

																																				Ratios to Average Net Assets7
			Net Asset Value, Beginning of Year/ Period			Net Investment Income (Loss) 1,2			Net Realized and Unrealized Gain (Loss) on Investments4			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period			Total Return5			Net Assets, End of Year/Period (000’s omitted)			Net Expenses2,6			Total Expenses2			Net Investment Income (Loss) after Expense Reimbursement2			Net Expenses3,6			Total Expenses3			Net Investment Income (Loss) after Expense Reimbursement3			Portfolio Turnover Rate8
Direxion Daily Mid Cap Bull 3X Shares
For the Year Ended October 31, 2024			$28.26			$0.63			$24.97			$25.60			$(0.72)			$ —			$—			$(0.72)			$53.14			90.91%			$82,371			1.43%			1.41%			1.32%			0.95%			0.93%			1.80%			129%
For the Year Ended October 31, 2023			36.77			0.53			(8.65)			(8.12)			(0.39)			—			—			(0.39)			28.26			−22.31%			39,573			1.23%			1.24%			1.39%			0.95%			0.96%			1.67%			17%
For the Year Ended October 31, 2022			67.09			0.15			(30.47)			(30.32)			—			—			—			—			36.77			−45.19%			47,801			0.98%			0.99%			0.31%			0.95%			0.96%			0.34%			54%
For the Year Ended October 31, 2021			22.89			(0.08)			44.29			44.21			(0.01)			—			—			(0.01)			67.09			193.19%			90,584			0.96%			0.95%			(0.14)%			0.95%			0.94%			(0.13)%			33%
For the Year Ended October 31, 2020			42.25			0.06			(19.24)			(19.18)			(0.17)			—			(0.01)			(0.18)			22.89			−45.61%			40,055			1.00%			1.06%			0.25%			0.95%			1.01%			0.30%			91%
Direxion Daily S&P 500® Bull 3X Shares
For the Year Ended October 31, 2024			72.12			1.25			85.38			86.63			(1.23)			—			—			(1.23)			157.52			120.50%			4,906,705			1.57%			1.67%			0.98%			0.81%			0.91%			1.74%			29%
For the Year Ended October 31, 2023			65.97			0.87			6.12			6.99			(0.84)			—			—			(0.84)			72.12			10.54%			2,625,285			1.31%			1.35%			1.10%			0.88%			0.92%			1.53%			65%
For the Year Ended October 31, 2022			130.30			0.22			(64.36)			(64.14)			(0.19)			—			—			(0.19)			65.97			−49.27%			2,546,628			0.91%			0.96%			0.23%			0.88%			0.93%			0.26%			113%
For the Year Ended October 31, 2021			48.08			0.13			82.25			82.38			(0.16)			—			—			(0.16)			130.30			171.57%			3,348,750			0.91%			0.93%			0.14%			0.90%			0.92%			0.15%			28%
For the Year Ended October 31, 2020			55.25			0.16			(7.02)			(6.86)			(0.31)			—			—			(0.31)			48.08			−12.54%			1,331,734			1.03%			1.04%			0.34%			0.95%			0.96%			0.42%			223%
Direxion Daily S&P 500® Bear 3X Shares
For the Year Ended October 31, 2024			16.94			0.42			(10.03)			(9.61)			(0.44)			—			—			(0.44)			6.89			−57.19%			501,717			1.03%			1.03%			4.62%			0.91%			0.91%			4.74%			0%
For the Year Ended October 31, 2023			22.66			0.58			(5.75)			(5.17)			(0.55)			—			—			(0.55)			16.94			−22.66%			690,955			1.17%			1.15%			3.49%			0.94%			0.92%			3.72%			0%
For the Year Ended October 31, 2022			18.78			0.04			3.84			3.88			—			—			—			—			22.66			20.66%			887,711			1.08%			1.06%			0.20%			0.95%			0.93%			0.33%			0%
For the Year Ended October 31, 2021			61.00			(0.27)			(41.95)			(42.22)			—			—			—			—			18.78			−69.21%			388,357			0.95%			0.92%			(0.92)%			0.95%			0.92%			(0.92)%			0%
For the Year Ended October 31, 2020			160.60			(0.40)			(98.60)			(99.00)			(0.40)			—			(0.20)			(0.60)			61.00			−61.87%			803,180			0.96%			0.99%			(0.45)%			0.95%			0.98%			(0.44)%			0%
Direxion Daily Small Cap Bull 3X Shares
For the Year Ended October 31, 2024			22.77			0.46			18.96			19.42			(0.43)			—			—			(0.43)			41.76			85.49%			2,158,998			1.27%			1.29%			1.19%			0.87%			0.89%			1.59%			222%
For the Year Ended October 31, 2023			38.28			0.48			(15.61)			(15.13)			(0.38)			—			—			(0.38)			22.77			−39.82%			1,272,601			1.24%			1.24%			1.43%			0.91%			0.91%			1.76%			102%
For the Year Ended October 31, 2022			93.14			0.11			(54.92)			(54.81)			(0.05)			—			—			(0.05)			38.28			−58.86%			1,217,463			0.94%			0.94%			0.22%			0.91%			0.91%			0.25%			114%
For the Year Ended October 31, 2021			32.03			(0.23)			61.35			61.12			(0.01)			—			—			(0.01)			93.14			190.83%			1,499,519			0.91%			0.91%			(0.28)%			0.90%			0.90%			(0.27)%			62%
For the Year Ended October 31, 2020			59.64			0.02			(27.47)			(27.45)			(0.12)			—			(0.04)			(0.16)			32.03			−46.16%			831,202			1.03%			1.01%			0.06%			0.95%			0.93%			0.14%			76%
Direxion Daily Small Cap Bear 3X Shares
For the Year Ended October 31, 2024			38.10			0.70			(23.95)			(23.25)			(0.73)			—			—			(0.73)			14.12			−61.41%			344,247			1.29%			1.29%			4.03%			0.90%			0.90%			4.42%			0%
For the Year Ended October 31, 2023			32.33			0.99			5.76			6.75			(0.98)			—			—			(0.98)			38.10			21.75%			328,542			1.30%			1.30%			3.45%			0.90%			0.90%			3.85%			0%
For the Year Ended October 31, 2022			26.89			0.01			5.43			5.44			—			—			—			—			32.33			20.23%			547,165			0.99%			0.99%			0.04%			0.91%			0.91%			0.12%			0%
For the Year Ended October 31, 2021			124.40			(0.33)			(97.18)			(97.51)			—			—			—			—			26.89			−78.38%			504,783			0.94%			0.90%			(0.91)%			0.94%			0.90%			(0.91)%			0%
For the Year Ended October 31, 2020			345.52			(0.88)			(218.88)			(219.76)			(0.96)			—			(0.40)			(1.36)			124.40			−63.86%			545,802			0.97%			0.97%			(0.46)%			0.95%			0.95%			(0.44)%			0%
Direxion Daily FTSE China Bull 3X Shares
For the Year Ended October 31, 2024			25.08			0.54			7.97			8.51			(0.59)			—			—			(0.59)			33.00			35.26%			2,015,946			1.53%			1.53%			2.32%			0.92%			0.92%			2.93%			274%
For the Year Ended October 31, 2023			19.95			0.86			5.21			6.07			(0.94)			—			—			(0.94)			25.08			28.74%			628,056			1.15%			1.14%			2.23%			0.95%			0.94%			2.43%			126%
For the Year Ended October 31, 2022			223.80			0.70			(204.20)			(203.50)			(0.35)			—			—			(0.35)			19.95			−91.06%			217,357			0.97%			0.97%			0.78%			0.95%			0.95%			0.80%			102%
For the Year Ended October 31, 2021			335.60			0.60			(109.60)			(109.00)			(2.80)			—			—			(2.80)			223.80			−32.82%			482,288			0.95%			0.93%			0.17%			0.95%			0.93%			0.17%			50%
For the Year Ended October 31, 2020			361.00			3.00			(24.80)			(21.80)			(3.20)			—			(0.40)			(3.60)			335.60			−6.03%			260,909			0.99%			1.01%			0.96%			0.95%			0.97%			1.00%			264%

The accompanying notes are an integral part of these financial statements.

149

DIREXION SHARES ETF TRUST

Financial Highlights

October 31, 2024(Continued)

																																				Ratios to Average Net Assets7
			Net Asset Value, Beginning of Year/ Period			Net Investment Income (Loss) 1,2			Net Realized and Unrealized Gain (Loss) on Investments4			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period			Total Return5			Net Assets, End of Year/Period (000’s omitted)			Net Expenses2,6			Total Expenses2			Net Investment Income (Loss) after Expense Reimbursement2			Net Expenses3,6			Total Expenses3			Net Investment Income (Loss) after Expense Reimbursement3			Portfolio Turnover Rate8
Direxion Daily FTSE China Bear 3X Shares12
For the Year Ended October 31, 2024			$241.40			$6.23			$(165.22)			$(158.99)			$(8.66)			$ —			$—			$(8.66)			$73.75			−67.92%			$184,483			1.34%			1.32%			4.19%			0.95%			0.93%			4.58%			0%
For the Year Ended October 31, 2023			763.20			6.80			(522.00)			(515.20)			(6.60)			—			—			(6.60)			241.40			−67.40%			123,997			1.58%			1.58%			3.29%			0.95%			0.95%			3.92%			0%
For the Year Ended October 31, 2022			337.20			0.40			425.60			426.00			—			—			—			—			763.20			126.33%			168,948			1.06%			1.06%			0.09%			0.95%			0.95%			0.20%			0%
For the Year Ended October 31, 2021			418.20			(2.80)			(78.20)			(81.00)			—			—			—			—			337.20			−19.37%			66,230			0.95%			0.98%			(0.93)%			0.95%			0.98%			(0.93)%			0%
For the Year Ended October 31, 2020			998.80			(1.00)			(575.60)			(576.60)			(2.20)			—			(1.80)			(4.00)			418.20			−57.94%			44,477			0.98%			1.03%			(0.14)%			0.95%			1.00%			(0.11)%			0%
Direxion Daily FTSE Europe Bull 3X Shares
For the Year Ended October 31, 2024			15.92			0.66			8.42			9.08			(0.71)			—			—			(0.71)			24.29			56.86%			21,859			1.41%			1.41%			2.68%			0.95%			0.95%			3.14%			0%
For the Year Ended October 31, 2023			12.83			0.48			3.11			3.59			(0.50)			—			—			(0.50)			15.92			27.29%			17,516			1.48%			1.48%			2.36%			0.95%			0.95%			2.89%			15%
For the Year Ended October 31, 2022			38.34			0.28			(25.53)			(25.25)			(0.26)			—			—			(0.26)			12.83			−66.00%			17,965			0.98%			0.99%			1.16%			0.95%			0.96%			1.19%			0%
For the Year Ended October 31, 2021			14.48			0.15			23.85			24.00			(0.14)			—			—			(0.14)			38.34			165.99%			47,924			0.96%			0.93%			0.45%			0.95%			0.92%			0.46%			51%
For the Year Ended October 31, 2020			29.27			0.09			(14.74)			(14.65)			(0.14)			—			—			(0.14)			14.48			−50.09%			13,757			1.03%			1.09%			0.43%			0.95%			1.01%			0.51%			101%
Direxion Daily MSCI Emerging Markets Bull 3X Shares
For the Year Ended October 31, 2024			22.57			1.10			11.49			12.59			(1.15)			—			—			(1.15)			34.01			56.23%			82,706			1.45%			1.41%			3.56%			0.95%			0.91%			4.06%			220%
For the Year Ended October 31, 2023			21.64			1.11			0.75			1.86			(0.93)			—			—			(0.93)			22.57			7.70%			65,028			1.15%			1.17%			3.66%			0.95%			0.97%			3.86%			320%
For the Year Ended October 31, 2022			81.27			0.37			(60.00)			(59.63)			—			—			—			—			21.64			−73.37%			49,367			0.96%			0.97%			0.74%			0.95%			0.96%			0.75%			262%
For the Year Ended October 31, 2021			59.82			(0.15)			21.73			21.58			(0.09)			—			(0.04)			(0.13)			81.27			36.04%			169,181			0.96%			0.94%			(0.16)%			0.95%			0.93%			(0.15)%			87%
For the Year Ended October 31, 2020			73.05			0.27			(13.07)			(12.80)			(0.43)			—			—			(0.43)			59.82			−16.88%			136,479			1.02%			1.04%			0.46%			0.95%			0.97%			0.53%			192%
Direxion Daily MSCI Emerging Markets Bear 3X Shares
For the Year Ended October 31, 2024			15.27			0.44			(7.22)			(6.78)			(0.48)			—			—			(0.48)			8.01			−44.83%			16,791			1.18%			​1.52%			4.32%			0.95%			​1.29%			4.55%			0%
For the Year Ended October 31, 2023			20.95			0.44			(5.71)			(5.27)			(0.41)			—			—			(0.41)			15.27			−24.78%			28,183			1.41%			1.61%			3.36%			0.95%			1.15%			3.82%			0%
For the Year Ended October 31, 2022			9.03			(0.00)10			11.92			11.92			—			—			—			—			20.95			132.00%			56,453			1.10%			1.23%			—%			0.95%			1.08%			0.15%			0%
For the Year Ended October 31, 2021			17.25			(0.08)			(8.14)			(8.22)			—			—			—			—			9.03			−47.65%			26,590			0.95%			1.17%			(0.93)%			0.95%			1.17%			(0.93)%			0%
For the Year Ended October 31, 2020			42.02			(0.04)			(24.56)			(24.60)			(0.11)			—			(0.06)			(0.17)			17.25			−58.79%			38,720			0.98%			1.08%			(0.12)%			0.95%			1.05%			(0.09)%			0%
Direxion Daily MSCI Mexico Bull 3X Shares
For the Year Ended October 31, 2024			18.62			0.56			(6.58)			(6.02)			(0.58)			—			—			(0.58)			12.02			−33.99%			24,840			1.22%			1.25%			2.79%			0.95%			0.98%			3.06%			56%
For the Year Ended October 31, 2023			17.49			0.47			1.10			1.57			(0.44)			—			—			(0.44)			18.62			8.49%			10,539			2.12%			2.20%			1.88%			0.95%			1.03%			3.05%			71%
For the Year Ended October 31, 2022			16.62			0.21			0.83			1.04			(0.17)			—			—			(0.17)			17.49			6.35%			11,650			0.98%			1.09%			1.27%			0.95%			1.06%			1.30%			25%
For the Year Ended October 31, 2021			6.40			(0.01)			10.27			10.26			(0.04)			—			—			(0.04)			16.62			160.49%			15,225			0.96%			0.99%			(0.04)%			0.95%			0.98%			(0.03)%			180%
For the Year Ended October 31, 2020			26.06			0.02			(19.58)			(19.56)			(0.08)			—			(0.02)			(0.10)			6.40			−75.36%			10,660			1.03%			1.26%			0.18%			0.95%			1.18%			0.26%			188%
Direxion Daily MSCI South Korea Bull 3X Shares
For the Year Ended October 31, 2024			5.48			0.19			0.12			0.31			(0.22)			—			—			(0.22)			5.57			4.21%			57,696			1.34%			1.35%			2.45%			0.95%			0.96%			2.84%			82%
For the Year Ended October 31, 2023			6.00			0.14			(0.53)			(0.39)			(0.13)			—			—			(0.13)			5.48			−7.30%			26,053			1.32%			1.37%			1.67%			0.95%			1.00%			2.04%			73%
For the Year Ended October 31, 2022			26.12			0.11			(20.04)			(19.93)			(0.14)			—			(0.05)			(0.19)			6.00			−76.86%			20,094			0.96%			1.01%			0.78%			0.95%			1.00%			0.79%			27%
For the Year Ended October 31, 2021			16.66			(0.27)			9.73			9.46			(0.00)10			—			—			(0.00)10			26.12			56.80%			47,022			0.96%			0.97%			(0.73)%			0.95%			0.96%			(0.72)%			97%
For the Year Ended October 31, 2020			21.32			(0.00)10			(4.47)			(4.47)			(0.19)			—			—			(0.19)			16.66			−21.27%			25,821			1.01%			1.15%			(0.02)%			0.95%			1.09%			0.04%			327%

The accompanying notes are an integral part of these financial statements.

150

DIREXION SHARES ETF TRUST

Financial Highlights

October 31, 2024(Continued)

																																				Ratios to Average Net Assets7
			Net Asset Value, Beginning of Year/ Period			Net Investment Income (Loss) 1,2			Net Realized and Unrealized Gain (Loss) on Investments4			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period			Total Return5			Net Assets, End of Year/Period (000’s omitted)			Net Expenses2,6			Total Expenses2			Net Investment Income (Loss) after Expense Reimbursement2			Net Expenses3,6			Total Expenses3			Net Investment Income (Loss) after Expense Reimbursement3			Portfolio Turnover Rate8
Direxion Daily Aerospace & Defense Bull 3X Shares
For the Year Ended October 31, 2024			$16.35			$0.36			$15.03			$15.39			$(0.32)			$—			$—			$(0.32)			$31.42			94.57%			$186,970			1.41%			1.41%			1.38%			0.92%			0.92%			1.87%			52%
For the Year Ended October 31, 2023			18.12			0.24			(1.79)			(1.55)			(0.22)			—			—			(0.22)			16.35			−8.70%			155,357			1.21%			1.21%			1.23%			0.93%			0.93%			1.51%			32%
For the Year Ended October 31, 2022			20.58			0.04			(2.12)			(2.08)			(0.04)			(0.34)			—			(0.38)			18.12			−10.07%			194,780			0.98%			0.97%			0.19%			0.94%			0.93%			0.23%			77%
For the Year Ended October 31, 2021			8.87			(0.03)			11.75			11.72			(0.01)			—			—			(0.01)			20.58			132.19%			280,890			0.96%			0.93%			(0.17)%			0.95%			0.92%			(0.16)%			64%
For the Year Ended October 31, 2020			55.54			0.01			(46.58)			(46.57)			(0.06)			—			(0.04)			(0.10)			8.87			−83.86%			199,485			0.99%			1.02%			0.07%			0.95%			0.98%			0.11%			159%
Direxion Daily Consumer Discretionary Bull 3X Shares
For the Year Ended October 31, 2024			21.67			0.32			16.56			16.88			(0.33)			—			—			(0.33)			38.22			78.00%			22,930			1.17%			1.18%			0.98%			0.95%			0.96%			1.20%			72%
For the Year Ended October 31, 2023			23.48			0.15			(1.87)			(1.72)			(0.09)			—			—			(0.09)			21.67			−7.37%			24,922			1.47%			1.50%			0.60%			0.95%			0.98%			1.12%			99%
For the Year Ended October 31, 2022			92.11			(0.12)			(68.51)			(68.63)			—			—			—			—			23.48			−74.51%			24,653			1.03%			1.06%			(0.25)%			0.95%			0.98%			(0.17)%			149%
For the Year Ended October 31, 2021			36.13			(0.33)			56.31			55.98			—			—			—			—			92.11			154.94%			55,264			0.96%			0.99%			(0.54)%			0.95%			0.98%			(0.53)%			18%
For the Year Ended October 31, 2020			31.74			(0.06)			4.52			4.46			(0.07)			—			—			(0.07)			36.13			14.26%			12,647			1.00%			1.46%			(0.20)%			0.95%			1.41%			(0.15)%			101%
Direxion Daily Dow Jones Internet Bull 3X Shares
For the Year Ended October 31, 2024			8.63			—			11.80			11.80			—			—			—			—			20.43			136.73%			134,853			1.80%			1.78%			(0.02)%			0.94%			0.92%			0.84%			61%
For the Year Ended October 31, 2023			7.21			(0.00)10			1.42			1.42			(0.00)10			—			—			(0.00)10			8.63			19.70%			118,634			1.70%			1.68%			(0.04)%			0.95%			0.93%			0.71%			110%
For the Year Ended October 31, 2022			86.93			(0.07)			(76.60)			(76.67)			—			(3.05)			—			(3.05)			7.21			−91.32%			103,100			0.98%			0.99%			(0.39)%			0.95%			0.96%			(0.36)%			55%
For the Year Ended October 31, 2021			45.47			(0.62)			42.08			41.46			—			—			—			—			86.93			91.18%			99,968			0.96%			0.96%			(0.81)%			0.95%			0.95%			(0.80)%			65%
For the Period November 7, 20199 through October 31, 2020			25.00			(0.25)			20.74			20.49			(0.02)			—			—			(0.02)			45.47			81.99%			34,100			0.97%			1.14%			(0.66)%			0.95%			1.12%			(0.64)%			123%
Direxion Daily Dow Jones Internet Bear 3X Shares13
For the Year Ended October 31, 2024			158.00			3.44			(107.99)			(104.55)			(4.09)			—			—			(4.09)			49.36			−66.86%			17,127			1.07%			1.14%			4.77%			0.95%			1.02%			4.89%			0%
For the Year Ended October 31, 2023			382.20			6.90			(224.90)			(218.00)			(6.20)			—			—			(6.20)			158.00			−57.09%			36,653			1.44%			1.46%			3.50%			0.95%			0.97%			3.99%			0%
For the Year Ended October 31, 2022			143.90			1.70			236.70			238.40			(0.10)			—			—			(0.10)			382.20			165.69%			56,183			1.06%			1.11%			0.49%			0.95%			1.00%			0.60%			0%
For the Year Ended October 31, 2021			442.30			(1.80)			(296.60)			(298.40)			—			—			—			—			143.90			−67.47%			4,604			0.95%			1.56%			(0.93)%			0.95%			1.56%			(0.93)%			0%
For the Period November 7, 20199 through October 31, 2020			2,500.00			(2.40)			(2,049.60)			(2,052.00)			(2.80)			—			(2.90)			(5.70)			442.30			−82.26%			5,305			0.96%			2.14%			(0.30)%			0.95%			2.13%			(0.29)%			0%
Direxion Daily Financial Bull 3X Shares
For the Year Ended October 31, 2024			53.45			1.24			85.08			86.32			(1.33)			—			—			(1.33)			138.44			162.48%			2,374,110			1.57%			1.59%			1.23%			0.87%			0.89%			1.93%			19%
For the Year Ended October 31, 2023			73.63			1.25			(20.02)			(18.77)			(1.41)			—			—			(1.41)			53.45			−25.79%			1,432,425			1.12%			1.13%			1.85%			0.89%			0.90%			2.08%			80%
For the Year Ended October 31, 2022			144.45			0.81			(70.93)			(70.12)			(0.70)			—			—			(0.70)			73.63			−48.61%			1,892,223			0.89%			0.93%			0.82%			0.87%			0.91%			0.84%			109%
For the Year Ended October 31, 2021			33.61			0.52			110.82			111.34			(0.50)			—			—			(0.50)			144.45			332.26%			3,582,160			0.86%			0.91%			0.56%			0.85%			0.90%			0.57%			70%
For the Year Ended October 31, 2020			80.94			0.32			(47.34)			(47.02)			(0.31)			—			—			(0.31)			33.61			−58.07%			1,347,638			1.03%			1.03%			0.73%			0.94%			0.94%			0.82%			247%
Direxion Daily Financial Bear 3X Shares
For the Year Ended October 31, 2024			21.62			0.50			(14.26)			(13.76)			(0.51)			—			—			(0.51)			7.35			−64.30%			128,316			1.05%			1.05%			4.81%			0.91%			0.91%			4.95%			0%
For the Year Ended October 31, 2023			20.50			0.61			1.10			1.71			(0.59)			—			—			(0.59)			21.62			8.57%			167,617			1.35%			1.33%			3.25%			0.93%			0.91%			3.67%			0%
For the Year Ended October 31, 2022			18.33			0.01			2.16			2.17			—			—			—			—			20.50			11.84%			190,690			1.04%			1.01%			0.05%			0.95%			0.92%			0.14%			0%
For the Year Ended October 31, 2021			118.00			(0.33)			(99.34)			(99.67)			—			—			—			—			18.33			−84.47%			130,234			0.95%			0.92%			(0.93)%			0.95%			0.92%			(0.93)%			0%
For the Year Ended October 31, 2020			261.76			(0.88)			(141.92)			(142.80)			(0.64)			—			(0.32)			(0.96)			118.00			−54.76%			271,668			0.96%			0.98%			(0.48)%			0.95%			0.97%			(0.47)%			0%

The accompanying notes are an integral part of these financial statements.

151

DIREXION SHARES ETF TRUST

Financial Highlights

October 31, 2024(Continued)

																																				Ratios to Average Net Assets7
			Net Asset Value, Beginning of Year/ Period			Net Investment Income (Loss) 1,2			Net Realized and Unrealized Gain (Loss) on Investments4			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period			Total Return5			Net Assets, End of Year/Period (000’s omitted)			Net Expenses2,6			Total Expenses2			Net Investment Income (Loss) after Expense Reimbursement2			Net Expenses3,6			Total Expenses3			Net Investment Income (Loss) after Expense Reimbursement3			Portfolio Turnover Rate8
Direxion Daily Healthcare Bull 3X Shares
For the Year Ended October 31, 2024			$79.01			$1.30			$35.22			$36.52			$(1.53)			$—			$(0.00)10			$(1.53)			$114.00			46.26%			$153,896			1.49%			1.49%			1.14%			0.90%			0.90%			1.73%			23%
For the Year Ended October 31, 2023			108.91			1.76			(30.04)			(28.28)			(1.62)			—			—			(1.62)			79.01			−26.23%			154,065			1.02%			1.01%			1.74%			0.92%			0.91%			1.84%			18%
For the Year Ended October 31, 2022			123.96			0.40			(15.12)			(14.72)			(0.33)			—			—			(0.33)			108.91			−11.85%			196,030			0.98%			0.96%			0.35%			0.95%			0.93%			0.38%			16%
For the Year Ended October 31, 2021			55.70			(0.04)			68.31			68.27			(0.01)			—			—			(0.01)			123.96			122.57%			254,116			0.96%			0.94%			(0.05)%			0.95%			0.93%			(0.04)%			2%
For the Year Ended October 31, 2020			58.15			0.12			(2.44)			(2.32)			(0.13)			—			—			(0.13)			55.70			−3.85%			103,039			1.01%			1.04%			0.20%			0.95%			0.98%			0.26%			228%
Direxion Daily Homebuilders & Supplies Bull 3X Shares
For the Year Ended October 31, 2024			43.99			0.53			84.76			85.29			(0.51)			—			—			(0.51)			128.77			193.80%			328,359			1.95%			1.95%			0.46%			0.91%			0.91%			1.50%			70%
For the Year Ended October 31, 2023			26.23			0.14			17.82			17.96			(0.20)			—			—			(0.20)			43.99			68.45%			149,559			2.10%			2.10%			0.28%			0.93%			0.93%			1.45%			108%
For the Year Ended October 31, 2022			83.28			(0.01)			(57.04)			(57.05)			—			—			—			—			26.23			−68.50%			131,145			0.97%			0.97%			(0.01)%			0.93%			0.93%			0.03%			98%
For the Year Ended October 31, 2021			39.58			(0.25)			43.95			43.70			—			—			—			—			83.28			110.41%			383,075			0.96%			0.94%			(0.37)%			0.94%			0.92%			(0.35)%			95%
For the Year Ended October 31, 2020			70.39			(0.12)			(30.69)			(30.81)			(0.00)10			—			—			(0.00)10			39.58			−43.74%			360,141			1.01%			1.02%			(0.34)%			0.95%			0.96%			(0.28)%			134%
Direxion Daily Industrials Bull 3X Shares
For the Year Ended October 31, 2024			28.20			0.53			33.44			33.97			(0.49)			—			—			(0.49)			61.68			120.91%			37,010			1.56%			1.56%			1.07%			0.95%			0.95%			1.68%			20%
For the Year Ended October 31, 2023			29.04			0.50			(0.83)			(0.33)			(0.51)			—			—			(0.51)			28.20			−1.42%			19,742			1.26%			1.30%			1.47%			0.95%			0.99%			1.78%			21%
For the Year Ended October 31, 2022			45.37			0.12			(16.33)			(16.21)			(0.12)			—			—			(0.12)			29.04			−35.71%			18,873			0.97%			1.01%			0.33%			0.95%			0.99%			0.35%			20%
For the Year Ended October 31, 2021			18.48			(0.00)10			26.96			26.96			(0.03)			(0.04)			—			(0.07)			45.37			146.14%			63,520			0.96%			0.96%			(0.01)%			0.95%			0.95%			—%			3%
For the Year Ended October 31, 2020			32.94			0.05			(14.36)			(14.31)			(0.15)			—			—			(0.15)			18.48			−43.33%			16,636			0.97%			1.44%			0.27%			0.95%			1.42%			0.29%			103%
Direxion Daily Pharmaceutical & Medical Bull 3X Shares
For the Year Ended October 31, 2024			5.11			0.11			3.85			3.96			(0.12)			—			—			(0.12)			8.95			77.94%			14,772			1.29%			1.46%			1.53%			0.95%			1.12%			1.87%			67%
For the Year Ended October 31, 2023			10.16			0.13			(5.04)			(4.91)			(0.14)			—			—			(0.14)			5.11			−48.91%			8,180			1.06%			1.37%			1.54%			0.95%			1.26%			1.65%			51%
For the Year Ended October 31, 2022			18.11			0.03			(7.95)			(7.92)			(0.03)			—			—			(0.03)			10.16			−43.75%			11,173			0.98%			1.11%			0.25%			0.95%			1.08%			0.28%			189%
For the Year Ended October 31, 2021			15.76			(0.09)			2.44			2.35			—			—			—			—			18.11			14.91%			31,693			0.95%			1.07%			(0.39)%			0.95%			1.07%			(0.39)%			115%
For the Year Ended October 31, 2020			15.66			(0.06)			0.16			0.10			(0.00)10			—			—			(0.00)10			15.76			0.64%			11,029			1.03%			1.38%			(0.34)%			0.95%			1.30%			(0.26)%			165%
Direxion Daily Real Estate Bull 3X Shares
For the Year Ended October 31, 2024			6.12			0.27			5.79			6.06			​(0.24)			—			​(0.01)			(0.25)			11.93			99.78%			96,620			1.38%			1.34%			2.75%			0.95%			0.91%			3.18%			48%
For the Year Ended October 31, 2023			9.85			0.29			(3.77)			(3.48)			(0.25)			—			(0.00)10			(0.25)			6.12			−36.09%			44,711			1.15%			1.15%			3.09%			0.95%			0.95%			3.29%			45%
For the Year Ended October 31, 2022			26.14			0.25			(15.16)			(14.91)			(0.25)			(1.13)			—			(1.38)			9.85			−60.04%			47,268			0.98%			0.97%			1.24%			0.95%			0.94%			1.27%			84%
For the Year Ended October 31, 2021			9.03			0.22			17.08			17.30			(0.19)			—			—			(0.19)			26.14			192.60%			147,704			0.96%			0.94%			1.18%			0.95%			0.93%			1.19%			20%
For the Year Ended October 31, 2020			30.84			0.19			(21.40)			(21.21)			(0.17)			(0.40)			(0.03)			(0.60)			9.03			−69.35%			49,659			1.01%			1.08%			1.40%			0.95%			1.02%			1.46%			123%
Direxion Daily Real Estate Bear 3X Shares
For the Year Ended October 31, 2024			65.11			1.37			(39.29)			(37.92)			(1.51)			—			—			(1.51)			25.68			−58.72%			66,357			1.58%			1.54%			3.84%			0.95%			0.91%			4.47%			0%
For the Year Ended October 31, 2023			60.71			1.62			4.40			6.02			(1.62)			—			—			(1.62)			65.11			10.65%			151,961			1.44%			1.40%			3.24%			0.95%			0.91%			3.73%			0%
For the Year Ended October 31, 2022			41.07			0.37			19.27			19.64			—			—			—			—			60.71			47.82%			205,433			1.01%			1.03%			0.75%			0.95%			0.97%			0.81%			0%
For the Year Ended October 31, 2021			153.40			(0.64)			(111.69)			(112.33)			—			—			—			—			41.07			−73.23%			19,926			0.95%			1.17%			(0.93)%			0.95%			1.17%			(0.93)%			0%
For the Year Ended October 31, 2020			257.60			(1.10)			(102.20)			(103.30)			(0.60)			—			(0.30)			(0.90)			153.40			−40.31%			45,283			0.96%			1.14%			(0.60)%			0.95%			1.13%			(0.59)%			0%

The accompanying notes are an integral part of these financial statements.

152

DIREXION SHARES ETF TRUST

Financial Highlights

October 31, 2024(Continued)

																																				Ratios to Average Net Assets7
			Net Asset Value, Beginning of Year/ Period			Net Investment Income (Loss) 1,2			Net Realized and Unrealized Gain (Loss) on Investments4			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period			Total Return5			Net Assets, End of Year/Period (000’s omitted)			Net Expenses2,6			Total Expenses2			Net Investment Income (Loss) after Expense Reimbursement2			Net Expenses3,6			Total Expenses3			Net Investment Income (Loss) after Expense Reimbursement3			Portfolio Turnover Rate8
Direxion Daily Regional Banks Bull 3X Shares
For the Year Ended October 31, 2024			$44.90			$2.03			$64.40			$66.43			$(1.93)			$ —			$—			$(1.93)			$109.40			149.84%			$762,914			1.43%			1.43%			2.52%			0.87%			0.87%			3.08%			138%
For the Year Ended October 31, 2023			299.30			1.88			(254.52)			(252.64)			(1.76)			—			—			(1.76)			44.90			−84.66%			447,781			1.38%			1.38%			2.67%			0.90%			0.90%			3.15%			149%
For the Year Ended October 31, 2022			510.20			3.70			(211.00)			(207.30)			(3.60)			—			—			(3.60)			299.30			−40.71%			212,433			0.93%			0.93%			0.94%			0.89%			0.89%			0.98%			138%
For the Year Ended October 31, 2021			131.90			2.80			378.30			381.10			(2.80)			—			—			(2.80)			510.20			290.09%			441,276			0.91%			0.89%			0.70%			0.90%			0.88%			0.71%			147%
For the Year Ended October 31, 2020			831.20			2.10			(696.90)			(694.80)			(4.50)			—			—			(4.50)			131.90			−83.83%			111,397			0.97%			1.00%			1.64%			0.95%			0.98%			1.66%			331%
Direxion Daily Retail Bull 3X Shares
For the Year Ended October 31, 2024			5.11			0.11			3.27			3.38			(0.12)			—			—			(0.12)			8.37			65.88%			40,765			1.48%			1.48%			1.32%			0.92%			0.92%			1.88%			67%
For the Year Ended October 31, 2023			8.14			0.11			(3.03)			(2.92)			(0.11)			—			—			(0.11)			5.11			−36.13%			38,954			1.21%			1.20%			1.54%			0.93%			0.92%			1.82%			146%
For the Year Ended October 31, 2022			41.95			0.13			(33.83)			(33.70)			(0.11)			—			—			(0.11)			8.14			−80.48%			51,020			0.98%			0.95%			0.74%			0.95%			0.92%			0.77%			83%
For the Year Ended October 31, 2021			8.58			(0.09)			33.46			33.37			(0.00)10			—			—			(0.00)10			41.95			389.07%			128,839			0.97%			0.92%			(0.24)%			0.95%			0.90%			(0.22)%			112%
For the Year Ended October 31, 2020			9.43			0.01			(0.82)			(0.81)			(0.02)			—			(0.02)			(0.04)			8.58			−7.65%			22,485			0.99%			1.17%			0.12%			0.95%			1.13%			0.16%			171%
Direxion Daily S&P 500® High Beta Bull 3X Shares
For the Year Ended October 31, 2024			21.03			0.46			19.52			19.98			(0.46)			—			—			(0.46)			40.55			94.90%			39,106			1.31%			1.30%			1.17%			0.95%			0.94%			1.53%			112%
For the Year Ended October 31, 2023			25.51			0.18			(4.48)			(4.30)			(0.18)			—			—			(0.18)			21.03			−17.09%			59,183			1.42%			1.43%			0.60%			0.95%			0.96%			1.07%			147%
For the Year Ended October 31, 2022			75.48			(0.07)			(49.90)			(49.97)			—			—			—			—			25.51			−66.20%			69,235			1.01%			1.01%			(0.16)%			0.95%			0.95%			(0.10)%			144%
For the Year Ended October 31, 2021			14.43			(0.01)			61.10			61.09			(0.04)			—			—			(0.04)			75.48			423.32%			110,529			0.96%			0.97%			(0.02)%			0.95%			0.96%			(0.01)%			151%
For the Period November 7, 20199 through October 31, 2020			35.71			—			(21.14)			(21.14)			(0.04)			—			(0.10)			(0.14)			14.43			−59.13%			29,795			0.97%			1.16%			(0.03)%			0.95%			1.14%			(0.01)%			245%
Direxion Daily S&P 500® High Beta Bear 3X Shares
For the Year Ended October 31, 2024			60.09			1.17			(39.13)			(37.96)			(1.20)			—			—			(1.20)			20.93			−63.40%			29,841			1.22%			1.24%			4.45%			0.95%			0.97%			4.72%			0%
For the Year Ended October 31, 2023			86.20			1.75			(26.40)			(24.65)			(1.46)			—			—			(1.46)			60.09			−28.08%			61,619			1.44%			1.45%			3.46%			0.95%			0.96%			3.95%			0%
For the Year Ended October 31, 2022			90.60			0.10			(4.50)			(4.40)			—			—			—			—			86.20			−4.86%			66,428			1.14%			1.17%			0.13%			0.95%			0.98%			0.32%			0%
For the Year Ended October 31, 2021			1,010.00			(1.50)			(917.90)			(919.40)			—			—			—			—			90.60			−91.03%			23,626			0.95%			1.03%			(0.93)%			0.95%			1.03%			(0.93)%			0%
For the Period November 7, 20199 through October 31, 2020			5,000.00			(10.00)			(3,972.00)			(3,982.00)			(4.00)			—			(4.00)			(8.00)			1,010.00			−79.76%			52,781			0.96%			1.10%			(0.79)%			0.95%			1.09%			(0.78)%			0%
Direxion Daily S&P Biotech Bull 3X Shares
For the Year Ended October 31, 2024			54.44			0.29			65.32			65.61			​(0.42)			—			​(0.10)			(0.52)			119.53			120.56%			887,427			1.79%			1.79%			0.25%			0.91%			0.91%			1.13%			179%
For the Year Ended October 31, 2023			148.40			0.77			(94.52)			(93.75)			(0.21)			—			—			(0.21)			54.44			−63.25%			677,505			1.26%			1.26%			0.68%			0.92%			0.92%			1.02%			83%
For the Year Ended October 31, 2022			1,065.00			(1.20)			(915.40)			(916.60)			—			—			—			—			148.40			−86.07%			1,159,847			1.09%			1.09%			(0.51)%			0.94%			0.94%			(0.36)%			148%
For the Year Ended October 31, 2021			1,070.40			(11.40)			6.00			(5.40)			—			—			—			—			1,065.00			−0.50%			772,796			0.95%			0.93%			(0.82)%			0.94%			0.92%			(0.81)%			169%
For the Year Ended October 31, 2020			743.60			(4.60)			331.60			327.00			(0.20)			—			(0.00)10			(0.20)			1,070.40			43.96%			292,298			1.04%			1.05%			(0.48)%			0.95%			0.96%			(0.39)%			137%
Direxion Daily S&P Biotech Bear 3X Shares
For the Year Ended October 31, 2024			26.74			0.31			(20.58)			(20.27)			(0.30)			—			—			(0.30)			6.17			−76.03%			77,836			1.38%			1.36%			4.13%			0.95%			0.93%			4.56%			0%
For the Year Ended October 31, 2023			20.18			0.51			6.65			7.16			(0.60)			—			—			(0.60)			26.74			37.01%			61,924			1.61%			1.60%			3.18%			0.95%			0.94%			3.84%			0%
For the Year Ended October 31, 2022			21.33			0.17			(1.32)			(1.15)			—			—			—			—			20.18			−5.39%			189,975			1.02%			1.03%			0.63%			0.95%			0.96%			0.70%			0%
For the Year Ended October 31, 2021			54.51			(0.20)			(32.98)			(33.18)			—			—			—			—			21.33			−60.87%			47,267			0.95%			0.95%			(0.93)%			0.95%			0.95%			(0.93)%			0%
For the Year Ended October 31, 2020			408.20			(0.09)			(352.33)			(352.42)			(0.71)			—			(0.56)			(1.27)			54.51			−86.59%			63,561			0.99%			1.03%			(0.07)%			0.95%			0.99%			(0.03)%			0%

The accompanying notes are an integral part of these financial statements.

153

DIREXION SHARES ETF TRUST

Financial Highlights

October 31, 2024(Continued)

																																				Ratios to Average Net Assets7
			Net Asset Value, Beginning of Year/ Period			Net Investment Income (Loss) 1,2			Net Realized and Unrealized Gain (Loss) on Investments4			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period			Total Return5			Net Assets, End of Year/Period (000’s omitted)			Net Expenses2,6			Total Expenses2			Net Investment Income (Loss) after Expense Reimbursement2			Net Expenses3,6			Total Expenses3			Net Investment Income (Loss) after Expense Reimbursement3			Portfolio Turnover Rate8
Direxion Daily Semiconductor Bull 3X Shares
For the Year Ended October 31, 2024			$14.92			$0.30			$15.02			$15.32			$(0.31)			$—			$—			$(0.31)			$29.93			102.08%			$9,927,018			1.38%			1.62%			0.80%			0.62%			0.86%			1.56%			145%
For the Year Ended October 31, 2023			8.89			0.13			6.03			6.16			(0.13)			—			—			(0.13)			14.92			69.26%			5,409,550			1.51%			1.67%			0.78%			0.72%			0.88%			1.57%			97%
For the Year Ended October 31, 2022			47.62			0.12			(38.77)			(38.65)			(0.08)			—			—			(0.08)			8.89			−81.24%			3,474,072			0.85%			0.97%			0.51%			0.77%			0.89%			0.59%			241%
For the Year Ended October 31, 2021			16.59			(0.00)10			31.05			31.05			(0.02)			—			—			(0.02)			47.62			187.22%			4,155,099			0.83%			0.90%			(0.01)%			0.82%			0.89%			—%			170%
For the Year Ended October 31, 2020			13.21			0.02			3.39			3.41			(0.03)			—			—			(0.03)			16.59			25.88%			1,318,844			1.06%			1.06%			0.13%			0.94%			0.94%			0.25%			230%
Direxion Daily Semiconductor Bear 3X Shares11
For the Year Ended October 31, 2024			135.50			1.51			(112.26)			(110.75)			(1.62)			—			—			(1.62)			23.13			−82.13%			857,809			1.14%			1.14%			4.76%			0.86%			0.86%			5.04%			0%
For the Year Ended October 31, 2023			595.50			6.20			(460.80)			(454.60)			(5.40)			—			—			(5.40)			135.50			−76.38%			710,106			1.13%			1.13%			4.05%			0.88%			0.88%			4.30%			0%
For the Year Ended October 31, 2022			575.00			2.00			18.50			20.50			—			—			—			—			595.50			3.57%			590,971			1.09%			1.08%			0.41%			0.89%			0.88%			0.61%			0%
For the Year Ended October 31, 2021			3,749.00			(8.00)			(3,166.00)			(3,174.00)			—			—			—			—			575.00			−84.66%			145,418			0.95%			0.91%			(0.93)%			0.95%			0.91%			(0.93)%			0%
For the Year Ended October 31, 2020			36,816.00			(2.00)			(32,924.00)			(32,926.00)			(102.00)			—			(39.00)			(141.00)			3,749.00			−89.76%			93,777			0.98%			1.00%			(0.02)%			0.95%			0.97%			0.01%			0%
Direxion Daily Technology Bull 3X Shares
For the Year Ended October 31, 2024			42.38			0.29			39.50			39.79			(0.28)			—			—			(0.28)			81.89			93.90%			3,083,013			1.64%			1.70%			0.38%			0.83%			0.89%			1.19%			134%
For the Year Ended October 31, 2023			25.68			0.17			16.70			16.87			(0.17)			—			—			(0.17)			42.38			65.90%			2,014,961			1.71%			1.72%			0.46%			0.89%			0.90%			1.28%			56%
For the Year Ended October 31, 2022			71.11			(0.02)			(45.13)			(45.15)			—			(0.28)			—			(0.28)			25.68			−63.77%			1,368,795			0.94%			0.96%			(0.05)%			0.90%			0.92%			(0.01)%			96%
For the Year Ended October 31, 2021			25.58			(0.14)			45.86			45.72			—			(0.19)			—			(0.19)			71.11			179.53%			3,061,359			0.91%			0.93%			(0.29)%			0.90%			0.92%			(0.28)%			25%
For the Year Ended October 31, 2020			18.44			(0.02)			7.19			7.17			(0.03)			—			—			(0.03)			25.58			38.98%			1,560,088			1.06%			1.06%			(0.11)%			0.95%			0.95%			—%			376%
Direxion Daily Technology Bear 3X Shares13
For the Year Ended October 31, 2024			161.30			3.10			(105.61)			(102.51)			(3.25)			—			—			(3.25)			55.54			−63.99%			101,355			1.10%			1.10%			4.35%			0.91%			0.91%			4.54%			0%
For the Year Ended October 31, 2023			419.80			7.80			(260.10)			(252.30)			(6.20)			—			—			(6.20)			161.30			−60.23%			114,500			1.31%			1.28%			3.86%			0.95%			0.92%			4.22%			0%
For the Year Ended October 31, 2022			371.60			1.20			47.00			48.20			—			—			—			—			419.80			12.97%			159,535			1.08%			1.07%			0.31%			0.95%			0.94%			0.44%			0%
For the Year Ended October 31, 2021			1,478.00			(5.70)			(1,100.70)			(1,106.40)			—			—			—			—			371.60			−74.86%			66,942			0.95%			0.95%			(0.93)%			0.95%			0.95%			(0.93)%			0%
For the Year Ended October 31, 2020			9,570.00			(5.00)			(8,050.00)			(8,055.00)			(23.00)			—			(14.00)			(37.00)			1,478.00			−84.47%			80,036			0.96%			1.03%			(0.18)%			0.95%			1.02%			(0.17)%			0%
Direxion Daily Transportation Bull 3X Shares
For the Year Ended October 31, 2024			19.36			0.46			13.34			13.80			(0.48)			—			—			(0.48)			32.68			71.31%			21,241			1.18%			1.24%			1.48%			0.95%			1.01%			1.71%			53%
For the Year Ended October 31, 2023			22.14			0.38			(2.79)			(2.41)			(0.37)			—			—			(0.37)			19.36			−11.24%			17,424			1.21%			1.26%			1.47%			0.95%			1.00%			1.73%			89%
For the Year Ended October 31, 2022			48.54			(0.01)			(26.39)			(26.40)			—			—			—			—			22.14			−54.39%			23,243			0.96%			0.98%			(0.03)%			0.95%			0.97%			(0.02)%			54%
For the Year Ended October 31, 2021			18.08			(0.09)			30.56			30.47			(0.01)			—			—			(0.01)			48.54			168.57%			89,798			0.96%			0.95%			(0.24)%			0.95%			0.94%			(0.23)%			49%
For the Year Ended October 31, 2020			25.01			(0.02)			(6.85)			(6.87)			(0.06)			—			—			(0.06)			18.08			−27.42%			38,879			0.96%			1.13%			(0.10)%			0.95%			1.12%			(0.09)%			128%
Direxion Daily Utilities Bull 3X Shares
For the Year Ended October 31, 2024			18.02			0.53			20.17			20.70			(0.60)			—			—			(0.60)			38.12			116.98%			55,280			1.60%			1.58%			2.08%			0.95%			0.93%			2.73%			48%
For the Year Ended October 31, 2023			29.18			0.69			(11.26)			(10.57)			(0.59)			—			—			(0.59)			18.02			−36.82%			37,832			1.06%			1.12%			2.76%			0.95%			1.01%			2.87%			27%
For the Year Ended October 31, 2022			32.41			0.46			(3.10)			(2.64)			(0.51)			(0.08)			—			(0.59)			29.18			−8.50%			21,883			1.08%			1.17%			1.25%			0.95%			1.04%			1.38%			63%
For the Year Ended October 31, 2021			26.76			0.31			5.70			6.01			(0.36)			—			—			(0.36)			32.41			22.72%			37,274			0.96%			1.03%			1.04%			0.95%			1.02%			1.05%			69%
For the Year Ended October 31, 2020			45.80			0.40			(17.58)			(17.18)			(0.50)			(1.34)			(0.02)			(1.86)			26.76			−38.38%			14,715			1.01%			1.28%			1.44%			0.95%			1.22%			1.50%			80%

The accompanying notes are an integral part of these financial statements.

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																																				Ratios to Average Net Assets7
			Net Asset Value, Beginning of Year/ Period			Net Investment Income (Loss) 1,2			Net Realized and Unrealized Gain (Loss) on Investments4			Net Increase (Decrease) in Net Asset Value Resulting from Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Year/ Period			Total Return5			Net Assets, End of Year/Period (000’s omitted)			Net Expenses2,6			Total Expenses2			Net Investment Income (Loss) after Expense Reimbursement2			Net Expenses3,6			Total Expenses3			Net Investment Income (Loss) after Expense Reimbursement3			Portfolio Turnover Rate8
Direxion Daily 7-10 Year Treasury Bull 3X Shares
For the Year Ended October 31, 2024			$22.71			$0.80			$2.42			$3.22			$(0.79)			$—			$—			$(0.79)			$25.14			13.93%			$52,793			1.07%			1.02%			3.04%			0.95%			0.90%			3.16%			42%
For the Year Ended October 31, 2023			28.57			0.73			(5.96)			(5.23)			(0.63)			—			—			(0.63)			22.71			−18.77%			44,285			0.98%			0.98%			2.54%			0.95%			0.95%			2.57%			55%
For the Year Ended October 31, 2022			51.86			0.20			(23.49)			(23.29)			—			—			—			—			28.57			−44.91%			24,282			0.96%			1.01%			0.48%			0.95%			1.00%			0.49%			0%
For the Year Ended October 31, 2021			65.11			(0.22)			(7.29)			(7.51)			—			(5.18)			(0.56)			(5.74)			51.86			−12.64%			23,339			0.95%			1.06%			(0.40)%			0.95%			1.06%			(0.40)%			6%
For the Year Ended October 31, 2020			54.00			(0.06)			11.35			11.29			(0.18)			—			—			(0.18)			65.11			20.96%			19,534			0.99%			1.15%			(0.10)%			0.95%			1.11%			(0.06)%			76%
Direxion Daily 7-10 Year Treasury Bear 3X Shares
For the Year Ended October 31, 2024			16.46			0.55			(2.32)			(1.77)			(0.65)			—			—			(0.65)			14.04			−10.51%			14,746			1.33%			1.40%			3.95%			0.95%			1.02%			4.33%			0%
For the Year Ended October 31, 2023			14.21			0.44			2.22			2.66			(0.41)			—			—			(0.41)			16.46			19.45%			29,629			1.29%			1.29%			3.30%			0.95%			0.95%			3.64%			0%
For the Year Ended October 31, 2022			8.71			(0.00)10			5.50			5.50			—			—			—			—			14.21			63.15%			56,135			1.01%			0.99%			0.04%			0.95%			0.93%			0.10%			0%
For the Year Ended October 31, 2021			8.10			(0.08)			0.69			0.61			—			—			—			—			8.71			7.53%			29,623			0.95%			1.12%			(0.93)%			0.95%			1.12%			(0.93)%			0%
For the Year Ended October 31, 2020			10.58			(0.01)			(2.43)			(2.44)			(0.03)			—			(0.01)			(0.04)			8.10			−23.08%			6,882			0.95%			1.40%			(0.09)%			0.95%			1.40%			(0.09)%			0%
Direxion Daily 20+ Year Treasury Bull 3X Shares
For the Year Ended October 31, 2024			39.70			1.74			8.28			10.02			(1.69)			—			—			(1.69)			48.03			24.58%			6,061,474			0.96%			1.11%			3.23%			0.71%			0.86%			3.48%			172%
For the Year Ended October 31, 2023			70.10			2.23			(30.84)			(28.61)			(1.79)			—			—			(1.79)			39.70			−41.97%			2,296,103			0.92%			0.92%			3.31%			0.89%			0.89%			3.34%			119%
For the Year Ended October 31, 2022			281.00			1.40			(211.50)			(210.10)			(0.80)			—			—			(0.80)			70.10			−74.89%			437,185			0.91%			0.91%			0.92%			0.90%			0.90%			0.93%			8%
For the Year Ended October 31, 2021			358.10			0.30			(70.10)			(69.80)			(0.30)			(6.90)			(0.10)			(7.30)			281.00			−19.90%			359,735			0.88%			0.88%			0.11%			0.88%			0.88%			0.11%			33%
For the Year Ended October 31, 2020			293.90			0.80			64.90			65.70			(1.50)			—			—			(1.50)			358.10			22.38%			282,879			0.98%			0.98%			0.22%			0.93%			0.93%			0.27%			67%
Direxion Daily 20+ Year Treasury Bear 3X Shares
For the Year Ended October 31, 2024			51.50			1.25			(16.74)			(15.49)			(1.48)			—			—			(1.48)			34.53			−29.79%			177,731			1.39%			1.39%			3.78%			0.86%			0.86%			4.31%			0%
For the Year Ended October 31, 2023			39.81			0.95			11.61			12.56			(0.87)			—			—			(0.87)			51.50			33.09%			401,543			1.52%			1.52%			3.05%			0.87%			0.87%			3.70%			0%
For the Year Ended October 31, 2022			14.33			0.01			25.47			25.48			—			—			—			—			39.81			177.78%			688,650			1.01%			1.01%			0.06%			0.88%			0.88%			0.19%			0%
For the Year Ended October 31, 2021			13.95			(0.14)			0.52			0.38			—			—			—			—			14.33			2.74%			325,333			0.88%			0.88%			(0.86)%			0.88%			0.88%			(0.86)%			0%
For the Year Ended October 31, 2020			26.80			(0.02)			(12.73)			(12.75)			(0.07)			—			(0.03)			(0.10)			13.95			−47.66%			99,010			0.90%			0.90%			(0.09)%			0.89%			0.89%			(0.08)%			0%

1
Net investment income (loss) per share represents net investment income divided by the daily average shares of beneficial interest outstanding throughout each period.

2
Includes interest expense and extraordinary expenses, which comprise of excise tax and litigation expenses.

3
Excludes interest expense and extraordinary expenses which comprise of excise tax and litigation expenses.

4
In certain instances, due to the timing of sales and redemptions of capital shares, the net realized and realized gain (loss) per share is not in accordance with the Fund’s changes in net realized and unrealized gain (loss) on investments, in-kind redemptions, futures, and swaps for the year/period.

5
Total return is calculated assuming an initial investment made at the net asset value at the beginning of the year/period, reinvestment of all dividends and distributions at net asset value during the year/period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived or recouped by the Adviser.

6
Net expenses include effects of any reimbursement/waiver or recoupment.

7
For periods less than a year, these ratios are annualized.

The accompanying notes are an integral part of these financial statements.

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8
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. Portfolio turnover rate does not include effects of turnover of the swap and future contracts portfolio. Short-term securities with maturities less than or equal to 366 days are also excluded from portfolio turnover calculation.

9
Commencement of operations.

10
Between $(0.005) and $0.005.

11
Effective April 15, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

12
Effective November 4, 2024, the Fund had a 1:20 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:20 stock split.

13
Effective November 4, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

The accompanying notes are an integral part of these financial statements.

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October 31, 2024

1. ORGANIZATION

The Direxion Shares ETF Trust (the “Trust”) is a Delaware statutory trust formed on April 23, 2008 and is registered with the Securities and Exchange Commission (“SEC”) as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is a registered investment company that has 93 separate series (each, a “Fund” and together the “Funds”). 40 of these Funds are included in this report:

Bull Funds			Bear Funds
Direxion Daily Mid Cap Bull 3X Shares			Direxion Daily S&P 500® Bear 3X Shares
Direxion Daily S&P 500® Bull 3X Shares			Direxion Daily Small Cap Bear 3X Shares
Direxion Daily Small Cap Bull 3X Shares			Direxion Daily FTSE China Bear 3X Shares
Direxion Daily FTSE China Bull 3X Shares			Direxion Daily MSCI Emerging Markets Bear 3X Shares
Direxion Daily FTSE Europe Bull 3X Shares			Direxion Daily Dow Jones Internet Bear 3X Shares
Direxion Daily MSCI Emerging Markets Bull 3X Shares			Direxion Daily Financial Bear 3X Shares
Direxion Daily MSCI Mexico Bull 3X Shares			Direxion Daily Real Estate Bear 3X Shares
Direxion Daily MSCI South Korea Bull 3X Shares			Direxion Daily S&P High Beta Bear 3X Shares
Direxion Daily Aerospace & Defense Bull 3X Shares			Direxion Daily S&P Biotech Bear 3X Shares
Direxion Daily Consumer Discretionary Bull 3X Shares			Direxion Daily Semiconductor Bear 3X Shares
Direxion Daily Dow Jones Internet Bull 3X Shares			Direxion Daily Technology Bear 3X Shares
Direxion Daily Financial Bull 3X Shares			Direxion Daily 7-10 Year Treasury Bear 3X Shares
Direxion Daily Healthcare Bull 3X Shares			Direxion Daily 20+ Year Treasury Bear 3X Shares
Direxion Daily Homebuilders & Supplies Bull 3X Shares
Direxion Daily Industrials Bull 3X Shares
Direxion Daily Pharmaceutical & Medical Bull 3X Shares
Direxion Daily Real Estate Bull 3X Shares
Direxion Daily Regional Banks Bull 3X Shares
Direxion Daily Retail Bull 3X Shares
Direxion Daily S&P 500® High Beta Bull 3X Shares
Direxion Daily S&P 500®Biotech Bull 3X Shares
Direxion Daily Semiconductor Bull 3X Shares
Direxion Daily Technology Bull 3X Shares
Direxion Daily Transportation Bull 3X Shares
Direxion Daily Utilities Bull 3X Shares
Direxion Daily 7-10 Year Treasury Bull 3X Shares
Direxion Daily 20+ Year Treasury Bull 3X Shares

The Trust has evaluated the structure, objective and activities of the Funds and determined that they meet the characteristics of an investment company. As such, these financial statements have applied the guidance as set forth in the Accounting Standards Codification (“ASC”) 946, “Financial Services - Investment Companies”.

Rafferty Asset Management, LLC (the “Adviser”) has registered as a commodity pool operator (“CPO”) and the Funds are considered commodity pools under the Commodity Exchange Act (the “CEA”). Accordingly, the Adviser is subject to registration and regulation as a CPO under the CEA and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission and the National Futures Association, including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements.

Each Fund’s investment objective is to seek daily investment results, before fees and expenses, that correspond to the performance of a particular index or benchmark. The Funds with the word “Bull” in their name attempt to provide investment results that correlate positively to the return of an index or benchmark. The Funds with the word “Bear” in their name attempt to provide investment results that correlate negatively to the return of an index or benchmark. The

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correlations sought by the Bull Funds are a multiple of 300% of the return of the target index or benchmark and a multiple of −300% of the return of the target index or benchmark for the Bear Funds.

Funds			Index or Benchmark			Daily Target
Direxion Daily Mid Cap Bull 3X Shares			S&P Mid Cap 400® Index			300%
Direxion Daily S&P 500® Bull 3X Shares Direxion Daily S&P 500® Bear 3X Shares			S&P 500® Index			300% −300%
Direxion Daily Small Cap Bull 3X Shares Direxion Daily Small Cap Bear 3X Shares			Russell 2000® Index			300% −300%
Direxion Daily FTSE China Bull 3X Shares Direxion Daily FTSE China Bear 3X Shares			FTSE China 50 Index			300% −300%
Direxion Daily FTSE Europe Bull 3X Shares			FTSE Developed Europe All Cap Index			300%
Direxion Daily MSCI Emerging Markets Bull 3X Shares Direxion Daily MSCI Emerging Markets Bear 3X Shares			MSCI Emerging Markets IndexSM			300% −300%
Direxion Daily MSCI Mexico Bull 3X Shares			MSCI Mexico IMI 25/50 Index			300%
Direxion Daily MSCI South Korea Bull 3X Shares			MSCI Korea 25/50 Index			300%
Direxion Daily Aerospace & Defense Bull 3X Shares			Dow Jones U.S. Select Aerospace & Defense Index			300%
Direxion Daily Consumer Discretionary Bull 3X Shares			Consumer Discretionary Select Sector Index			300%
Direxion Daily Dow Jones Internet Bull 3X Shares Direxion Daily Dow Jones Internet Bear 3X Shares			Dow Jones Internet Composite Index			300% −300%
Direxion Daily Financial Bull 3X Shares Direxion Daily Financial Bear 3X Shares			Financials Select Sector Index			300% −300%
Direxion Daily Healthcare Bull 3X Shares			Health Care Select Sector Index			300%
Direxion Daily Homebuilders & Supplies Bull 3X Shares			Dow Jones U.S. Select Home Construction Index			300%
Direxion Daily Industrials Bull 3X Shares			Industrial Select Sector Index			300%
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			S&P Pharmaceuticals Select Industry Index			300%
Direxion Daily Real Estate Bull 3X Shares Direxion Daily Real Estate Bear 3X Shares			Real Estate Select Sector Index			300% −300%
Direxion Daily Regional Banks Bull 3X Shares			S&P Regional Banks Select Industry Index			300%
Direxion Daily Retail Bull 3X Shares			S&P Retail Select Industry® Index			300%
Direxion Daily S&P 500® High Beta Bull 3X Shares Direxion Daily S&P 500® High Beta Bear 3X Shares			S&P 500® High Beta Index			300% −300%
Direxion Daily S&P Biotech Bull 3X Shares Direxion Daily S&P Biotech Bear 3X Shares			S&P Biotechnology Select Industry Index			300% −300%
Direxion Daily Semiconductor Bull 3X Shares Direxion Daily Semiconductor Bear 3X Shares			NYSE Semiconductor Index1			300% −300%
Direxion Daily Technology Bull 3X Shares Direxion Daily Technology Bear 3X Shares			Technology Select Sector Index			300% −300%
Direxion Daily Transportation Bull 3X Shares			S&P Transportation Select Industry FMC Capped Index			300%

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October 31, 2024(Continued)

Funds			Index or Benchmark			Daily Target
Direxion Daily Utilities Bull 3X Shares			Utilities Select Sector Index			300%
Direxion Daily 7-10 Year Treasury Bull 3X Shares Direxion Daily 7-10 Year Treasury Bear 3X Shares			ICE U.S. Treasury 7-10 Year Bond Index			300% −300%
Direxion Daily 20+ Year Treasury Bull 3X Shares Direxion Daily 20+ Year Treasury Bear 3X Shares			ICE U.S. Treasury 20+ Year Bond Index			300% −300%

1
Effective November 3, 2023, the Direxion Daily Semiconductor Bull 3X Shares and Direxion Daily Semiconductor Bear 3X Shares changed their benchmark index from ICE Semiconductor Index to NYSE Semiconductor Index.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”).

a) Investment Valuation – The Net Asset Value (“NAV”) per share of each Fund is determined daily, as of the close of regular trading on the New York Stock Exchange (“NYSE”) (normally at 4:00 p.m. Eastern time), each day the NYSE is open for business. On days that the Securities Industry and Financial Markets Association (“SIFMA”) recommends that the bond markets close all day, Direxion Daily 7-10 Year Treasury Bull 3X Shares, Direxion Daily 7-10 Year Treasury Bear 3X Shares, Direxion Daily 20+ Year Treasury Bull 3X Shares and Direxion Daily 20+ Year Treasury Bear 3X Shares (the “Fixed Income Funds”) do not calculate their NAVs, even if the NYSE is open for business. Similarly, on days that SIFMA recommends that the bond markets close early, each of the Fixed Income Funds calculate its NAV as of the time of the recommended close, usually 2:00 p.m. Eastern time, rather than the close of regular trading on the NYSE. A security listed or traded on an exchange, domestic or foreign, is valued at its last sales price on the principal exchange on which it is traded prior to the time when assets are valued. If no sale is reported at that time, the mean of the last bid and asked prices is used. Securities primarily traded on the NASDAQ^® Global Market (“NASDAQ”) for which market quotations are readily available are valued using the NASDAQ^® Official Closing Price (“NOCP”) provided by NASDAQ each business day. Over the Counter (“OTC”) securities held by a Fund will be valued at the last sales price or, if no sales price is reported, the mean of the last bid and asked price is used. The portfolio securities of a Fund that are listed on national exchanges are valued at the last sales price of such securities; if no sales price is reported, the mean of the last bid and asked price is used. Swap contracts are valued using the closing price of the underlying reference entity or the closing value of the underlying reference index. The Funds valued their investments in money market funds based on their daily net asset values. Futures contracts are valued at settlement price established on the exchange on which they are traded, if that settlement price reflects trading prior to the Valuation Time. If the settlement price established by the exchange reflects trading after the Valuation Time, then the last sales price prior to Valuation time will be used. Securities, swap or future contracts are fair valued as determined by the Adviser under the supervision of the Board of Trustees (the “Board”) in the following scenarios: a) reliable market quotations are not readily available; b) the Funds’ pricing service does not provide a valuation for such securities; c) the Funds’ pricing service provides valuation that in the judgment of the Adviser does not represent fair value; or d) the Fund or Adviser believes the market price is stale.

b) Swap Contracts – Each Fund may enter into equity swap contacts. Standard equity swap contracts are between two parties that agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross amount to be exchanged is calculated with respect to a “notional amount” (i.e. the return on or increase in value of a particular dollar amount invested in a “basket” of securities representing a particular index or industry sector). Each Fund enters into master netting agreements with counterparties to mitigate counterparty credit risk in derivative contracts. A Fund does not offset fair value amounts for derivatives contracts and related cash collateral on the Statement of Assets and Liabilities arising from derivative contracts executed with the same counterparties under such master netting agreements. The Fund’s obligations are accrued daily and offset by any amounts owed to the Fund.

In a “long” equity swap agreement, the counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of the swap contract would have increased in value if the Fund had been invested in the

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particular securities, plus dividends that would have been received on those securities. The Fund will agree to pay the counterparty a floating rate of interest (e.g., a LIBOR based rate) on the notional amount of the swap contract plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such securities plus, in certain instances, commissions or trading spreads on the notional amounts. Thus, the return on the swap contract should be the gain or loss on the notional amount plus dividends on the securities less the interest and commission paid by the Fund on the notional amount. Payments may be made at the conclusion of the contract or periodically during its term. In certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the counterparty will pay the Fund interest. These swap contracts do not include the delivery of securities by the Funds to the counterparty. The net amount of the excess, if any, of the Fund’s obligations owed over its entitlement with respect to each swap is accrued on a daily basis and an amount of cash or liquid assets having an aggregate net asset value at least equal to such accrued excess is maintained in a segregated account by the Fund’s custodian. Until a swap contract is settled in cash, the gain or loss on the notional amount plus dividends on the securities less the interest paid by the Fund on the notional amount are recorded as “unrealized gains or losses on swaps” and when cash is exchanged, the gain or loss is recorded as “realized gains or losses on swaps.”

Each Fund may enter into swap contracts that provide the opposite return of the underlying benchmark or security (“short” the index or security). The operations are similar to that of the swaps disclosed above except that the counterparty pays interest to the Fund on the notional amount outstanding and the dividends on the underlying securities reduce the return of the swap. However, in certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the Fund will pay the counterparty interest. These amounts are netted with any unrealized appreciation or depreciation to determine the value of the swap. The Funds will typically enter into equity swap agreements to obtain leverage in order to meet their objectives.

Accounting Standards Update No. 2013-01 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2013-01”), requires entities to disclose (i) gross and net information about both instruments and transactions eligible for offset in the financial statements, and (ii) instruments and transactions subject to an agreement similar to a master netting agreement. ASU 2013-01 is limited in scope to recognized derivative instruments accounted for under ASC 815 “Derivatives and Hedging”, to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including swap contracts, and typically contains, among other things, collateral posting terms, netting and rights of set-off provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and receivables to create a single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral requirements generally differ by type of derivative. Collateral terms are contract-specific for OTC derivatives (e.g. swaps). Generally, for transactions traded under an ISDA Master Agreement, the collateral requirements are calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to the counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its derivative counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

For financial reporting purposes, the Funds elect to not offset assets and liabilities subject to an ISDA Master Agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of October 31, 2024, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting/set-off provisions in the ISDA Master Agreement are detailed in the following tables.

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Notes to the Financial Statements

October 31, 2024(Continued)

In the event of the counterparty’s default, bankruptcy or any other event for which the counterparty cannot meet its obligations, a Fund bears the risk of loss equal to the amount of the daily appreciation owed to the Fund. This obligation represents the daily gain accrued to the Fund from the close of business day prior to this event to the day on which this event occurs and the counterparty can no longer meet its obligations. A Fund will enter into swap agreements only with large, well-capitalized and established financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Adviser. Shareholders may obtain swap counterparty financial statements at www.sec.gov. Swap contracts are subject to credit risk. Credit risk occurs when the financial condition of an issuer of a security or instrument may cause it to default or become unable to pay interest or principal due on the security. The counterparty to a swap contract might default on its obligations. In addition, the Funds have agreements with certain counterparties with which it trades swap contracts that contain credit risk-related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value and performance-based thresholds. The maximum exposure to the Funds in regard to potential counterparty default and credit-risk related contingent features at October 31, 2024 is detailed in the following tables. If such credit risk-related contingencies were triggered, the counterparties would have the option to terminate any positions open under the master netting agreement.

Description: Swap Contract

Counterparty: Bank of America Merrill Lynch

			Assets:												Liabilities:
						Gross Amounts not offset in the Statement of Asset and Liabilities												Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily Mid Cap Bull 3X Shares			$1,466,676			$—			$1,466,6761			$—			$—			$—			$—			$—
Direxion Daily S&P 500® Bull 3X Shares			170,018,964			—			170,018,9641			—			—			—			—			—
Direxion Daily S&P 500® Bear 3X Shares			—			—			—			—			6,607,507			—			6,607,5071			—
Direxion Daily Small Cap Bull 3X Shares			93,478,365			—			93,478,3651			—			—			—			—			—
Direxion Daily Small Cap Bear 3X Shares			—			—			—			—			3,068,288			—			3,068,2881			—
Direxion Daily FTSE China Bull 3X Shares			—			—			—			—			49,853,229			—			49,853,2291			—
Direxion Daily FTSE China Bear 3X Shares			18,341,881			—			17,880,000			461,881			—			—			—			—
Direxion Daily MSCI South Korea Bull 3X Shares			—			—			—			—			58,353			—			58,3531			—
Direxion Daily Consumer Discretionary Bull 3X Shares			—			—			—			—			47,678			—			47,6781			—
Direxion Daily Dow Jones Internet Bull 3X Shares			3,788,543			—			3,788,5431			—			—			—			—			—
Direxion Daily Dow Jones Internet Bear 3X Shares			—			—			—			—			854,828			—			854,8281			—
Direxion Daily Financial Bull 3X Shares			37,242,998			—			37,242,9981			—			—			—			—			—
Direxion Daily Financial Bear 3X Shares			—			—			—			—			3,444,667			—			3,444,6671			—
Direxion Daily Homebuilders & Supplies Bull 3X Shares			17,351,979			—			17,351,9791			—			—			—			—			—
Direxion Daily Real Estate Bull 3X Shares			13,009,984			—			13,009,9841			—			—			—			—			—
Direxion Daily Real Estate Bear 3X Shares			—			—			—			—			1,427,788			—			1,427,7881			—

161

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Assets:												Liabilities:
						Gross Amounts not offset in the Statement of Asset and Liabilities												Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily Regional Banks Bull 3X Shares			$14,271,941			$—			$14,271,9411			$—			$—			$—			$—			$—
Direxion Daily S&P 500® High Beta Bear 3X Shares			—			—			—			—			2,426,812			—			2,426,8121			—
Direxion Daily S&P Biotech Bull 3X Shares			42,593,508			—			42,593,5081			—			—			—			—			—
Direxion Daily S&P Biotech Bear 3X Shares			—			—			—			—			2,813			—			2,8131			—
Direxion Daily Semiconductor Bull 3X Shares			—			—			—			—			152,782,126			—			152,782,1261			—
Direxion Daily Semiconductor Bear 3X Shares			38,578,465			—			16,020,000			22,558,465			—			—			—			—
Direxion Daily Technology Bull 3X Shares			94,904,943			—			94,904,9431			—			—			—			—			—
Direxion Daily Technology Bear 3X Shares			667,026			—			—			667,026			—			—			—			—
Direxion Daily 7-10 Year Treasury Bull 3X Shares			—			—			—			—			690,007			—			690,0071			—
Direxion Daily 20+ Year Treasury Bull 3X Shares			4,106,340			—			110,000			3,996,340			—			—			—			—
Direxion Daily 20+ Year Treasury Bear 3X Shares			7,764,455			—			7,764,4551			—			—			—			—			—

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: BNP Paribas

			Assets:												Liabilities:
						Gross Amounts not offset in the Statement of Asset and Liabilities												Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily S&P 500® Bull 3X Shares			$132,920,168			$—			$132,920,1681			$—			$—			$—			$—			$—
Direxion Daily S&P 500® Bear 3X Shares			16,766			—			—			16,766			—			—			—			—
Direxion Daily Small Cap Bull 3X Shares			76,679,822			—			76,679,8221			—			—			—			—			—
Direxion Daily Small Cap Bear 3X Shares			171,588			—			—			171,588			—			—			—			—
Direxion Daily FTSE China Bull 3X Shares			24,062,389			—			24,062,3891			—			—			—			—			—
Direxion Daily FTSE China Bear 3X Shares			5,324,245			—			4,860,000			464,245			—			—			—			—
Direxion Daily FTSE Europe Bull 3X Shares			810,551			—			810,5511			—			—			—			—			—
Direxion Daily Aerospace & Defense Bull 3X Shares			1,034,933			—			1,034,9331			—			—			—			—			—

162

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Assets:												Liabilities:
						Gross Amounts not offset in the Statement of Asset and Liabilities												Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily Financial Bull 3X Shares			$62,930,199			$—			$62,930,1991			$—			$—			$—			$—			$—
Direxion Daily Homebuilders & Supplies Bull 3X Shares			6,167,601			—			6,167,6011			—			—			—			—			—
Direxion Daily S&P Biotech Bull 3X Shares			62,907,365			—			62,907,3651			—			—			—			—			—
Direxion Daily Semiconductor Bull 3X Shares			29,779,300			—			29,779,3001			—			—			—			—			—
Direxion Daily Semiconductor Bear 3X Shares			22,559,634			—			17,724,000			4,835,634			—			—			—			—
Direxion Daily Technology Bull 3X Shares			83,561,836			—			83,561,8361			—			—			—			—			—
Direxion Daily Technology Bear 3X Shares			1,886,095			—			—			1,886,095			—			—			—			—
Direxion Daily 7-10 Year Treasury Bull 3X Shares			—			—			—			—			195,390			—			195,3901			—
Direxion Daily 7-10 Year Treasury Bear 3X Shares			99,018			—			—			99,018			—			—			—			—
Direxion Daily 20+ Year Treasury Bull 3X Shares			13,004,410			—			9,750,000			3,254,410			—			—			—			—
Direxion Daily 20+ Year Treasury Bear 3X Shares			3,704,520			—			3,704,5201			—			—			—			—			—

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: Barclays

			Assets:												Liabilities:
						Gross Amounts not offset in the Statement of Asset and Liabilities												Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily S&P 500® Bull 3X Shares			$112,581,236			$—			$112,581,2361			$—			$—			$—			$—			$—
Direxion Daily S&P 500® Bear 3X Shares			2,454,043			—			—			2,454,043			—			—			—			—
Direxion Daily Small Cap Bull 3X Shares			13,982,375			—			13,982,3751			—			—			—			—			—
Direxion Daily Small Cap Bear 3X Shares			3,001,894			—			1,260,000			1,741,894			—			—			—			—
Direxion Daily FTSE China Bull 3X Shares			10,262,747			—			10,262,7471			—			—			—			—			—
Direxion Daily MSCI Emerging Markets Bull 3X Shares			1,715,038			—			1,715,0381			—			—			—			—			—
Direxion Daily MSCI South Korea Bull 3X Shares			—			—			—			—			134,490			—			134,4901			—
Direxion Daily Aerospace & Defense Bull 3X Shares			—			—			—			—			1,140,856			—			1,140,8561			—

163

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Assets:												Liabilities:
						Gross Amounts not offset in the Statement of Asset and Liabilities												Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily Consumer Discretionary Bull 3X Shares			$1,624,029			$—			$1,624,0291			$—			$—			$—			$—			$—
Direxion Daily Financial Bull 3X Shares			91,026,702			—			91,026,7021			—			—			—			—			—
Direxion Daily Healthcare Bull 3X Shares			5,083,189			—			5,083,1891			—			—			—			—			—
Direxion Daily Homebuilders & Supplies Bull 3X Shares			1,515,212			—			1,515,2121			—			—			—			—			—
Direxion Daily Industrials Bull 3X Shares			5,772,879			—			5,772,8791			—			—			—			—			—
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			—			—			—			—			159,862			—			159,8621			—
Direxion Daily Regional Banks Bull 3X Shares			60,571,136			—			60,571,1361			—			—			—			—			—
Direxion Daily Retail Bull 3X Shares			—			—			—			—			5,588			—			5,5881			—
Direxion Daily S&P 500® High Beta Bull 3X Shares			620,189			—			620,1891			—			—			—			—			—
Direxion Daily S&P 500® High Beta Bear 3X Shares			45,918			—			—			45,918			—			—			—			—
Direxion Daily S&P Biotech Bull 3X Shares			13,493,450			—			13,493,4501			—			—			—			—			—
Direxion Daily S&P Biotech Bear 3X Shares			2,299,529			—			1,580,000			719,529			—			—			—			—
Direxion Daily Semiconductor Bull 3X Shares			—			—			—			—			38,446,007			—			18,548,926			19,897,081
Direxion Daily Semiconductor Bear 3X Shares			15,048,355			—			—			15,048,355			—			—			—			—
Direxion Daily Technology Bull 3X Shares			98,744,044			—			98,744,0441			—			—			—			—			—
Direxion Daily Technology Bear 3X Shares			870,034			—			—			870,034			—			—			—			—
Direxion Daily Transportation Bull 3X Shares			1,054,932			—			1,054,9321			—			—			—			—			—
Direxion Daily Utilities Bull 3X Shares			2,943,240			—			2,943,2401			—			—			—			—			—
Direxion Daily 7-10 Year Treasury Bull 3X Shares			—			—			—			—			44,935			—			44,9351			—
Direxion Daily 7-10 Year Treasury Bear 3X Shares			254,323			—			250,000			4,323			—			—			—			—
Direxion Daily 20+ Year Treasury Bull 3X Shares			9,926,852			—			7,300,000			2,626,852			—			—			—			—

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

164

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Description: Swap Contract

Counterparty: Citibank N.A.

			Assets:												Liabilities:
						Gross Amounts not offset in the Statement of Asset and Liabilities												Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily Mid Cap Bull 3X Shares			$3,075,619			$—			$3,075,6191			$—			$—			$—			$—			$—
Direxion Daily S&P 500® Bull 3X Shares			153,489,538			—			153,489,5381			—			—			—			—			—
Direxion Daily S&P 500® Bear 3X Shares			—			—			—			—			8,138,892			—			8,138,8921			—
Direxion Daily Small Cap Bull 3X Shares			9,053,710			—			9,053,7101			—			—			—			—			—
Direxion Daily Small Cap Bear 3X Shares			3,498,624			—			1,765,999			1,732,625			—			—			—			—
Direxion Daily FTSE China Bull 3X Shares			—			—			—			—			86,224,702			—			86,224,7021			—
Direxion Daily FTSE Europe Bull 3X Shares			192,181			—			192,1811			—			—			—			—			—
Direxion Daily MSCI Emerging Markets Bull 3X Shares			—			—			—			—			2,751,466			—			2,751,4661			—
Direxion Daily MSCI Emerging Markets Bear 3X Shares			999,461			—			850,000			149,461			—			—			—			—
Direxion Daily MSCI South Korea Bull 3X Shares			—			—			—			—			1,389,142			—			1,389,1421			—
Direxion Daily Aerospace & Defense Bull 3X Shares			26,484,537			—			26,484,5371			—			—			—			—			—
Direxion Daily Dow Jones Internet Bull 3X Shares			8,086,388			—			8,086,3881			—			—			—			—			—
Direxion Daily Dow Jones Internet Bear 3X Shares			—			—			—			—			307,486			—			307,4861			—
Direxion Daily Financial Bull 3X Shares			95,934,642			—			95,934,6421			—			—			—			—			—
Direxion Daily Healthcare Bull 3X Shares			—			—			—			—			266,312			—			266,3121			—
Direxion Daily Homebuilders & Supplies Bull 3X Shares			23,976,476			—			23,976,4761			—			—			—			—			—
Direxion Daily Industrials Bull 3X Shares			1,839,977			—			1,839,9771			—			—			—			—			—
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			857,021			—			838,000			19,021			—			—			—			—
Direxion Daily Regional Banks Bull 3X Shares			67,284,560			—			67,284,5601			—			—			—			—			—
Direxion Daily Retail Bull 3X Shares			—			—			—			—			312,351			—			312,3511			—
Direxion Daily S&P 500® High Beta Bull 3X Shares			1,066,862			—			1,066,8621			—			—			—			—			—
Direxion Daily S&P Biotech Bull 3X Shares			25,032,730			—			25,032,7301			—			—			—			—			—
Direxion Daily S&P Biotech Bear 3X Shares			—			—			—			—			507,978			—			507,9781			—
Direxion Daily Semiconductor Bull 3X Shares			133,452,017			—			133,452,0171			—			—			—			—			—
Direxion Daily Semiconductor Bear 3X Shares			17,062,128			—			2,251,001			14,811,127			—			—			—			—
Direxion Daily Technology Bull 3X Shares			90,994,075			—			90,994,0751			—			—			—			—			—

165

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Assets:												Liabilities:
						Gross Amounts not offset in the Statement of Asset and Liabilities												Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily Technology Bear 3X Shares			$137,096			$—			$—			$137,096			$—			$—			$—			$—
Direxion Daily Transportation Bull 3X Shares			368,431			—			368,4311			—			—			—			—			—
Direxion Daily 20+ Year Treasury Bull 3X Shares			25,866,059			—			20,182,001			5,684,058			—			—			—			—
Direxion Daily 20+ Year Treasury Bear 3X Shares			2,533,617			—			2,533,6171			—			—			—			—			—

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: Goldman Sachs

			Assets:												Liabilities:
						Gross Amounts not offset in the Statement of Asset and Liabilities												Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily S&P 500® Bull 3X Shares			$219,777,042			$—			$219,777,0421			$—			$—			$—			$—			$—
Direxion Daily S&P 500® Bear 3X Shares			—			—			—			—			12,785,600			—			12,785,6001			—
Direxion Daily FTSE China Bull 3X Shares			—			—			—			—			64,725,926			—			64,725,9261			—
Direxion Daily FTSE China Bear 3X Shares			4,537,992			—			4,360,000			177,992			—			—			—			—
Direxion Daily FTSE Europe Bull 3X Shares			100,023			—			100,0231			—			—			—			—			—
Direxion Daily MSCI Mexico Bull 3X Shares			—			—			—			—			798,973			—			798,9731			—
Direxion Daily Financial Bull 3X Shares			159,289,980			—			159,289,9801			—			—			—			—			—
Direxion Daily Financial Bear 3X Shares			—			—			—			—			1,127,875			—			1,127,8751			—
Direxion Daily Homebuilders & Supplies Bull 3X Shares			34,433,008			—			34,433,0081			—			—			—			—			—
Direxion Daily Regional Banks Bull 3X Shares			67,111,171			—			67,111,1711			—			—			—			—			—
Direxion Daily S&P Biotech Bull 3X Shares			11,717,429			—			11,717,4291			—			—			—			—			—
Direxion Daily S&P Biotech Bear 3X Shares			385,915			—			385,9151			—			—			—			—			—
Direxion Daily Semiconductor Bull 3X Shares			126,253,681			—			126,253,6811			—			—			—			—			—
Direxion Daily Semiconductor Bear 3X Shares			21,072,805			—			9,490,000			11,582,805			—			—			—			—
Direxion Daily Technology Bull 3X Shares			152,406,263			—			152,406,2631			—			—			—			—			—

166

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Assets:												Liabilities:
						Gross Amounts not offset in the Statement of Asset and Liabilities												Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily Technology Bear 3X Shares			$—			$—			$—			$—			$346,906			$—			$346,9061			$—
Direxion Daily Transportation Bull 3X Shares			—			—			—			—			223,085			—			223,0851			—
Direxion Daily Utilities Bull 3X Shares			1,358,230			—			900,000			458,230			—			—			—			—
Direxion Daily 20+ Year Treasury Bull 3X Shares			8,570,276			—			4,660,000			3,910,276			—			—			—			—
Direxion Daily 20+ Year Treasury Bear 3X Shares			5,954,761			—			5,954,7611			—			—			—			—			—

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: J.P. Morgan

			Assets:												Liabilities:
						Gross Amounts not offset in the Statement of Asset and Liabilities												Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily Mid Cap Bull 3X Shares			$3,168,404			$—			$3,168,4041			$—			$—			$—			$—			$—
Direxion Daily S&P 500® Bull 3X Shares			44,797,271			—			44,797,2711			—			—			—			—			—
Direxion Daily S&P 500® Bear 3X Shares			—			—			—			—			11,558,885			—			11,558,8851			—
Direxion Daily Small Cap Bull 3X Shares			10,731,073			—			10,731,0731			—			—			—			—			—
Direxion Daily Small Cap Bear 3X Shares			—			—			—			—			11,965,729			—			11,965,7291			—
Direxion Daily FTSE Europe Bull 3X Shares			—			—			—			—			130,617			—			130,6171			—
Direxion Daily MSCI Emerging Markets Bull 3X Shares			5,824,299			—			5,824,2991			—			—			—			—			—
Direxion Daily MSCI Emerging Markets Bear 3X Shares			—			—			—			—			5,870			—			5,8701			—
Direxion Daily MSCI Mexico Bull 3X Shares			—			—			—			—			2,071,972			—			2,071,9721			—
Direxion Daily MSCI South Korea Bull 3X Shares			—			—			—			—			5,713,588			—			5,713,5881			—
Direxion Daily Aerospace & Defense Bull 3X Shares			2,655,331			—			2,655,3311			—			—			—			—			—
Direxion Daily Consumer Discretionary Bull 3X Shares			687,063			—			687,0631			—			—			—			—			—
Direxion Daily Dow Jones Internet Bull 3X Shares			2,692,066			—			2,692,0661			—			—			—			—			—
Direxion Daily Dow Jones Internet Bear 3X Shares			—			—			—			—			411,106			—			411,1061			—

167

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Notes to the Financial Statements

October 31, 2024(Continued)

			Assets:												Liabilities:
						Gross Amounts not offset in the Statement of Asset and Liabilities												Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily Financial Bull 3X Shares			$32,767,158			$—			$32,767,1581			$—			$—			$—			$—			$—
Direxion Daily Financial Bear 3X Shares			1,065,995			—			581,000			484,995			—			—			—			—
Direxion Daily Healthcare Bull 3X Shares			12,117,684			—			12,117,6841			—			—			—			—			—
Direxion Daily Industrials Bull 3X Shares			1,647,565			—			1,647,5651			—			—			—			—			—
Direxion Daily Real Estate Bull 3X Shares			9,431,763			—			9,431,7631			—			—			—			—			—
Direxion Daily Real Estate Bear 3X Shares			—			—			—			—			9,444,592			—			9,444,5921			—
Direxion Daily Regional Banks Bull 3X Shares			22,327,065			—			22,327,0651			—			—			—			—			—
Direxion Daily Retail Bull 3X Shares			2,780,218			—			2,780,2181			—			—			—			—			—
Direxion Daily S&P 500® High Beta Bull 3X Shares			506,728			—			506,7281			—			—			—			—			—
Direxion Daily S&P 500® High Beta Bear 3X Shares			833,964			—			250,000			583,964			—			—			—			—
Direxion Daily S&P Biotech Bull 3X Shares			14,298,638			—			14,298,6381			—			—			—			—			—
Direxion Daily S&P Biotech Bear 3X Shares			2,182,160			—			1,552,000			630,160			—			—			—			—
Direxion Daily Semiconductor Bull 3X Shares			59,917,520			—			59,917,5201			—			—			—			—			—
Direxion Daily Semiconductor Bear 3X Shares			—			—			—			—			270,631			—			270,6311			—
Direxion Daily Technology Bull 3X Shares			1,432,269			—			1,432,2691			—			—			—			—			—
Direxion Daily Technology Bear 3X Shares			891,937			—			383,000			508,937			—			—			—			—
Direxion Daily Utilities Bull 3X Shares			5,223,197			—			4,940,000			283,197			—			—			—			—
Direxion Daily 7-10 Year Treasury Bull 3X Shares			61,800			—			61,8001			—			—			—			—			—
Direxion Daily 7-10 Year Treasury Bear 3X Shares			157,604			—			—			157,604			—			—			—			—
Direxion Daily 20+ Year Treasury Bull 3X Shares			—			—			—			—			36,886,993			—			36,886,9931			—
Direxion Daily 20+ Year Treasury Bear 3X Shares			3,106,840			—			3,106,8401			—			—			—			—			—

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

168

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Description: Swap Contract

Counterparty: Nomura

Assets:

Liabilities:

Gross Amounts not offset in the Statement of Asset and Liabilities

Gross Amounts not offset in the Statement of Asset and Liabilities

Fund Name

Gross Amounts of Recognized Assets

Financial Instruments

Collateral Received

Net Amount2

Gross Amounts of Recognized Liabilities

Financial Instruments

Collateral Pledged

Net Amount

Direxion Daily FTSE China Bull 3X Shares

$—

$—

$—

$—

$83,504,174

$—

$83,504,1741

$—

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: Societe Generale

			Assets:												Liabilities:
						Gross Amounts not offset in the Statement of Asset and Liabilities												Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily Small Cap Bull 3X Shares			$8,076,837			$—			$8,076,8371			$—			$—			$—			$—			$—
Direxion Daily Small Cap Bear 3X Shares			—			—			—			—			7,951,562			—			7,951,5621			—
Direxion Daily FTSE China Bull 3X Shares			61,976,787			—			61,976,7871			—			—			—			—			—
Direxion Daily Financial Bull 3X Shares			85,527,727			—			85,527,7271			—			—			—			—			—
Direxion Daily Financial Bear 3X Shares			—			—			—			—			18,599,958			—			18,599,9581			—
Direxion Daily Regional Banks Bull 3X Shares			6,054,534			—			6,054,5341			—			—			—			—			—
Direxion Daily Semiconductor Bull 3X Shares			10,859,179			—			10,859,1791			—			—			—			—			—
Direxion Daily Semiconductor Bear 3X Shares			—			—			—			—			22,063,296			—			22,063,2961			—
Direxion Daily Technology Bull 3X Shares			23,259,183			—			23,259,1831			—			—			—			—			—
Direxion Daily Technology Bear 3X Shares			—			—			—			—			1,197,538			—			1,197,5381			—

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

169

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Description: Swap Contract

Counterparty: UBS Securities LLC

			Assets:												Liabilities:
						Gross Amounts not offset in the Statement of Asset and Liabilities												Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily Mid Cap Bull 3X Shares			$3,495,254			$—			$3,495,2541			$—			$—			$—			$—			$—
Direxion Daily S&P 500® Bull 3X Shares			121,909,042			—			121,909,0421			—			—			—			—			—
Direxion Daily S&P 500® Bear 3X Shares			—			—			—			—			1,980,594			—			1,980,5941			—
Direxion Daily Small Cap Bull 3X Shares			26,398,136			—			26,398,1361			—			—			—			—			—
Direxion Daily Small Cap Bear 3X Shares			1,150,768			—			—			1,150,768			—			—			—			—
Direxion Daily FTSE China Bull 3X Shares			—			—			—			—			15,620,831			—			15,620,8311			—
Direxion Daily FTSE China Bear 3X Shares			364,724			—			210,000			154,724			—			—			—			—
Direxion Daily FTSE Europe Bull 3X Shares			—			—			—			—			35,748			—			35,7481			—
Direxion Daily MSCI Emerging Markets Bull 3X Shares			4,531,851			—			4,531,8511			—			—			—			—			—
Direxion Daily MSCI Emerging Markets Bear 3X Shares			—			—			—			—			524,050			—			524,0501			—
Direxion Daily MSCI Mexico Bull 3X Shares			—			—			—			—			1,513,785			—			1,513,7851			—
Direxion Daily Consumer Discretionary Bull 3X Shares			1,456,599			—			1,456,5991			—			—			—			—			—
Direxion Daily Dow Jones Internet Bull 3X Shares			12,289,757			—			12,289,7571			—			—			—			—			—
Direxion Daily Dow Jones Internet Bear 3X Shares			—			—			—			—			771,521			—			771,5211			—
Direxion Daily Financial Bull 3X Shares			106,208,274			—			106,208,2741			—			—			—			—			—
Direxion Daily Financial Bear 3X Shares			—			—			—			—			2,848,664			—			2,848,6641			—
Direxion Daily Healthcare Bull 3X Shares			598,167			-			598,1671			—			—			—			—			—
Direxion Daily Industrials Bull 3X Shares			—			—			—			—			13,505			—			13,5051			—
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			1,684,564			—			1,684,5641			—			—			—			—			—
Direxion Daily Real Estate Bull 3X Shares			1,067,501			—			1,067,5011			—			—			—			—			—
Direxion Daily Real Estate Bear 3X Shares			794,892			—			380,000			414,892			—			—			—			—
Direxion Daily Regional Banks Bull 3X Shares			42,944,387			—			42,944,3871			—			—			—			—			—
Direxion Daily Retail Bull 3X Shares			105,220			—			105,2201			—			—			—			—			—
Direxion Daily S&P 500® High Beta Bull 3X Shares			531,547			—			531,5471			—			—			—			—			—
Direxion Daily S&P 500® High Beta Bear 3X Shares			—			—			—			—			740,182			—			740,1821			—
Direxion Daily S&P Biotech Bull 3X Shares			19,884,659			—			19,884,6591			—			—			—			—			—

170

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Assets:												Liabilities:
						Gross Amounts not offset in the Statement of Asset and Liabilities												Gross Amounts not offset in the Statement of Asset and Liabilities
Fund Name			Gross Amounts of Recognized Assets			Financial Instruments			Collateral Received			Net Amount2			Gross Amounts of Recognized Liabilities			Financial Instruments			Collateral Pledged			Net Amount
Direxion Daily S&P Biotech Bear 3X Shares			$300,330			$—			$—			$300,330			$—			$—			$—			$—
Direxion Daily Semiconductor Bull 3X Shares			55,588,104			—			55,588,1041			—			—			—			—			—
Direxion Daily Semiconductor Bear 3X Shares			33,619,770			—			20,880,000			12,739,770			—			—			—			—
Direxion Daily Technology Bull 3X Shares			23,642,169			—			23,642,1691			—			—			—			—			—
Direxion Daily Technology Bear 3X Shares			1,763,969			—			—			1,763,969			—			—			—			—
Direxion Daily Utilities Bull 3X Shares			10,530,832			—			10,040,000			490,832			—			—			—			—
Direxion Daily 20+ Year Treasury Bull 3X Shares			—			—			—			—			6,396,200			—			6,396,2001			—
Direxion Daily 20+ Year Treasury Bear 3X Shares			2,980,308			—			2,980,3081			—			—			—			—			—

1
The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2
The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

c) Futures Contracts – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against, changes in the values of commodities, equities, interest rates or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts.

d) Risks of Futures Contracts, Options on Futures Contracts and Short Positions – The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions. The Funds were not invested in any type of options during the year ended October 31, 2024.

e) Risks of Investing in Foreign Securities – Investments in foreign securities involve greater risks than investing in domestic securities. As a result, the Funds’ returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The laws, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy’s dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.

171

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

f) Security Transactions – Investment transactions are recorded on the trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the identified cost, which is the same basis used for U.S. Federal income tax purposes, with the net sales proceeds.

g) Securities Lending – The Funds may lend its investment securities to approved brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of October 31, 2024, all securities on loan were collateralized by cash and/or U.S. government obligations. The cash received as collateral for securities on loan was invested in money market funds, whose maturities are overnight and continuous, and is disclosed in the Schedules of Investments. The securities on loan in each Fund are also disclosed in the Schedule of Investments. The total value of securities loaned and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Non-cash collateral consists of U.S. Treasury securities and is not disclosed on the Statements of Assets and Liabilities as its held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell, reinvest or pledge those securities. Income earned by the Funds from securities lending is disclosed in the Statements of Operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds are contractually indemnified with the securities lending agent. Furthermore, the Funds require the value of the securities loaned to be computed daily at the close of the market and additional collateral be furnished if required.

As of October 31, 2024, the market value of the securities loaned and the payable on collateral received for securities lending were as follows:

Funds			Market Value of Securities Loaned			Cash Collateral Received			Non-Cash Collateral Received			Total Collateral Received
Direxion Daily Mid Cap Bull 3X Shares			$519,113			$55,113			$474,701			$529,814
Direxion Daily S&P 500® Bull 3X Shares			6,650,235			​1,729,632			5,061,348			​6,790,980
Direxion Daily Small Cap Bull 3X Shares			137,523,541			7			140,389,136			140,389,143
Direxion Daily FTSE China Bull 3X Shares			34,930,531			35,658,795			—			35,658,795
Direxion Daily FTSE Europe Bull 3X Shares			2,996,452			3,056,705			—			3,056,705
Direxion Daily MSCI Mexico Bull 3X Shares			59,053			60,453			—			60,453
Direxion Daily Aerospace & Defense Bull 3X Shares			262,533			90,144			179,345			269,489
Direxion Daily Dow Jones Internet Bull 3X Shares			218,154			76,465			146,086			222,551
Direxion Daily Homebuilders & Supplies Bull 3X Shares			290,365			82,400			213,996			296,396
Direxion Daily Industrials Bull 3X Shares			39,405			—			40,239			40,239
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			586,612			311,730			287,321			599,051
Direxion Daily Regional Banks Bull 3X Shares			1,540,786			556,106			1,016,260			1,572,366
Direxion Daily Retail Bull 3X Shares			962,101			139,669			845,888			985,557
Direxion Daily S&P 500® High Beta Bull 3X Shares			145,381			—			149,925			149,925
Direxion Daily S&P Biotech Bull 3X Shares			28,892,516			7,820,098			21,857,457			29,677,555
Direxion Daily Semiconductor Bull 3X Shares			41,444,974			1,020,761			41,266,141			42,286,902
Direxion Daily Technology Bull 3X Shares			236,847			241,717			—			241,717
Direxion Daily Transportation Bull 3X Shares			74,651			43,665			33,837			77,502

h) Federal Income Taxes – Each Fund intends to make the requisite distributions of income and capital gains to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company. Therefore, no provision for U.S. Federal income tax has been made by the Funds.

172

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. Certain Funds paid this excise tax during the year ended October 31, 2024, which is disclosed on the Statements of Operations.

i) Income and Expenses – Interest income, including amortization of premiums and discounts, is recognized on an accrual basis. Distributions are recorded on the ex-dividend date.

The Funds are charged for those expenses that are directly attributable to each series, such as advisory fees and registration costs. Expenses that are not directly attributable to a series are generally allocated among the Trust’s series in proportion to their respective average daily net assets.

j) Distributions to Shareholders – Each Fund pays dividends from net investment income and distributes net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with U.S. Federal income tax regulations, which may differ from GAAP. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Distributions to shareholders are recorded on the ex-dividend date.

k) Guarantees and Indemnifications – In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnification provisions pursuant to which the Funds agree to indemnify third parties upon occurrence of specified events. The Funds’ maximum exposure relating to these indemnification agreements is unknown. However, the Funds have not had prior claims or losses in connection with these provisions and believe the risk of loss is remote.

l) Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

3. INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the years ended October 31, 2024 and October 31, 2023 are listed below.

The tax character of distributions to shareholders made during the periods may differ from their ultimate characterization for U.S. Federal income tax purposes.

			Year Ended October 31, 2024									Year Ended October 31, 2023
			Distributions Paid From:									Distributions Paid From:
Funds			Ordinary Income			Long Term Capital Gains			Return of Capital			Ordinary Income			Long Term Capital Gains			Return of Capital
Direxion Daily Mid Cap Bull 3X Shares			$ 1,139,996			$—			$—			$561,170			$—			$—
Direxion Daily S&P 500® Bull 3X Shares			39,739,010			—			—			30,072,958			—			—
Direxion Daily S&P 500® Bear 3X Shares			26,415,736			—			—			28,572,014			—			—
Direxion Daily Small Cap Bull 3X Shares			24,512,275			—			—			14,324,864			—			—
Direxion Daily Small Cap Bear 3X Shares			15,633,570			—			—			14,268,127			—			—
Direxion Daily FTSE China Bull 3X Shares			21,768,257			—			—			12,964,676			—			—
Direxion Daily FTSE China Bear 3X Shares			5,609,445			—			—			4,391,757			—			—
Direxion Daily FTSE Europe Bull 3X Shares			699,054			—			—			644,761			—			—

173

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Year Ended October 31, 2024									Year Ended October 31, 2023
			Distributions Paid From:									Distributions Paid From:
Funds			Ordinary Income			Long Term Capital Gains			Return of Capital			Ordinary Income			Long Term Capital Gains			Return of Capital
Direxion Daily MSCI Emerging Markets Bull 3X Shares			$3,081,697			$    —			$    —			$2,726,771			$    —			$​—
Direxion Daily MSCI Emerging Markets Bear 3X Shares			876,879			—			—			854,921			—			—
Direxion Daily MSCI Mexico Bull 3X Shares			491,027			—			—			286,563			—			—
Direxion Daily MSCI South Korea Bull 3X Shares			970,525			—			—			436,999			—			—
Direxion Daily Aerospace & Defense Bull 3X Shares			2,077,148			—			—			1,980,147			—			—
Direxion Daily Consumer Discretionary Bull 3X Shares			266,362			—			—			111,347			—			—
Direxion Daily Dow Jones Internet Bull 3X Shares			—			—			—			—			—			1,546
Direxion Daily Dow Jones Internet Bear 3X Shares			1,078,267			—			—			1,371,721			—			—
Direxion Daily Financial Bull 3X Shares			29,119,868			—			—			38,385,156			—			—
Direxion Daily Financial Bear 3X Shares			6,527,992			—			—			4,956,381			—			—
Direxion Daily Healthcare Bull 3X Shares			2,549,412			—			2,143			3,100,894			—			—
Direxion Daily Homebuilders & Supplies Bull 3X Shares			1,197,408			—			—			748,870			—			—
Direxion Daily Industrials Bull 3X Shares			331,010			—			—			354,278			—			—
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			221,030			—			—			158,160			—			—
Direxion Daily Real Estate Bull 3X Shares			1,897,536			—			104,343			1,269,699			—			9,595
Direxion Daily Real Estate Bear 3X Shares			3,854,456			—			—			5,064,803			—			—
Direxion Daily Regional Banks Bull 3X Shares			18,854,004			—			—			9,723,478			—			—
Direxion Daily Retail Bull 3X Shares			698,835			—			—			826,260			—			—
Direxion Daily S&P 500® High Beta Bull 3X Shares			684,425			—			—			383,793			—			—
Direxion Daily S&P 500® High Beta Bear 3X Shares			1,760,835			—			—			1,776,769			—			—
Direxion Daily S&P Biotech Bull 3X Shares			​4,277,465			—			​1,053,048			1,704,008			—			—
Direxion Daily S&P Biotech Bear 3X Shares			4,302,906			—			—			3,401,055			—			—
Direxion Daily Semiconductor Bull 3X Shares			76,014,041			—			—			43,096,740			—			—
Direxion Daily Semiconductor Bear 3X Shares			38,472,872			—			—			43,792,551			—			—
Direxion Daily Technology Bull 3X Shares			11,519,235			—			—			8,366,866			—			—

174

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

			Year Ended October 31, 2024									Year Ended October 31, 2023
			Distributions Paid From:									Distributions Paid From:
Funds			Ordinary Income			Long Term Capital Gains			Return of Capital			Ordinary Income			Long Term Capital Gains			Return of Capital
Direxion Daily Technology Bear 3X Shares			$4,898,417			$    —			$    —			$4,968,948			$    —			$—
Direxion Daily Transportation Bull 3X Shares			367,458			—			—			358,776			—			—
Direxion Daily Utilities Bull 3X Shares			1,032,613			—			—			565,817			—			—
Direxion Daily 7-10 Year Treasury Bull 3X Shares			1,486,393			—			—			733,853			—			—
Direxion Daily 7-10 Year Treasury Bear 3X Shares			715,511			—			—			868,392			—			—
Direxion Daily 20+ Year Treasury Bull 3X Shares			160,750,393			—			—			43,514,596			—			—
Direxion Daily 20+ Year Treasury Bear 3X Shares			9,322,553			—			—			10,844,169			—			—

At October 31, 2024, the components of accumulated earnings/(losses) of the Funds on a tax basis were as follows:

Funds			Net Unrealized Appreciation/ (Depreciation)			Undistributed Ordinary Income			Undistributed Capital Gain			Other Accumulated Earnings (Losses)1			Total Accumulated Earnings (Losses)
Direxion Daily Mid Cap Bull 3X Shares			$7,522,034			$36,223			$   —			$(6,817,521)			$740,736
Direxion Daily S&P 500® Bull 3X Shares			842,266,294			2,446,509			—			—			844,712,803
Direxion Daily S&P 500® Bear 3X Shares			(326,748,443)			2,268,103			—			(3,098,779,300)			(3,423,259,640)
Direxion Daily Small Cap Bull 3X Shares			46,357,914			6,280,801			—			(349,409,953)			(296,771,238)
Direxion Daily Small Cap Bear 3X Shares			(246,058,665)			1,550,235			—			(3,631,433,359)			(3,875,941,789)
Direxion Daily FTSE China Bull 3X Shares			(877,082,329)			1,994,429			—			(202,398,103)			(1,077,486,003)
Direxion Daily FTSE China Bear 3X Shares			(114,399,382)			1,084,330			—			(86,335,584)			(199,650,636)
Direxion Daily FTSE Europe Bull 3X Shares			(242,965)			12,682			—			(17,476,247)			(17,706,530)
Direxion Daily MSCI Emerging Markets Bull 3X Shares			(17,616,663)			314,975			—			(243,448,542)			(260,750,230)
Direxion Daily MSCI Emerging Markets Bear 3X Shares			(3,369,704)			65,743			—			(337,420,517)			(340,724,478)
Direxion Daily MSCI Mexico Bull 3X Shares			(11,886,400)			52,422			—			(270,319)			(12,104,297)
Direxion Daily MSCI South Korea Bull 3X Shares			(13,430,808)			62,988			—			(28,321,443)			(41,689,263)
Direxion Daily Aerospace & Defense Bull 3X Shares			35,332,593			20,416,974			—			—			55,749,567

175

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Funds			Net Unrealized Appreciation/ (Depreciation)			Undistributed Ordinary Income			Undistributed Capital Gain			Other Accumulated Earnings (Losses)1			Total Accumulated Earnings (Losses)
Direxion Daily Consumer Discretionary Bull 3X Shares			$3,468,186			$10,725			$   —			$(20,362,774)			$(16,883,863)
Direxion Daily Dow Jones Internet Bull 3X Shares			29,459,728			—			—			(122,158,927)			(92,699,199)
Direxion Daily Dow Jones Internet Bear 3X Shares			(10,443,637)			74,792			—			(49,718,960)			(60,087,805)
Direxion Daily Financial Bull 3X Shares			849,751,062			1,164,580			—			—			850,915,642
Direxion Daily Financial Bear 3X Shares			(65,365,304)			635,415			—			(3,195,057,034)			(3,259,786,923)
Direxion Daily Healthcare Bull 3X Shares			10,217,654			—			—			(25,610,775)			(15,393,121)
Direxion Daily Homebuilders & Supplies Bull 3X Shares			​65,576,988			168,493			—			​—			65,745,481
Direxion Daily Industrials Bull 3X Shares			10,098,059			1,952,918			—			—			12,050,977
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			101,376			5,839			—			(9,595,200)			(9,487,985)
Direxion Daily Real Estate Bull 3X Shares			6,166,491			—			—			(5,892,134)			274,357
Direxion Daily Real Estate Bear 3X Shares			(37,655,235)			338,706			—			(157,465,567)			(194,782,096)
Direxion Daily Regional Banks Bull 3X Shares			​221,028,851			—			—			​—			221,028,851
Direxion Daily Retail Bull 3X Shares			(7,725,020)			26,123			—			(78,683,961)			(86,382,858)
Direxion Daily S&P 500® High Beta Bull 3X Shares			(12,461)			7,578			—			(6,186,923)			(6,191,806)
Direxion Daily S&P 500® High Beta Bear 3X Shares			(13,890,201)			136,469			—			(153,743,014)			(167,496,746)
Direxion Daily S&P Biotech Bull 3X Shares			​(21,624,026)			—			—			(1,510,432,329)			​(1,532,056,355)
Direxion Daily S&P Biotech Bear 3X Shares			(30,192,376)			351,299			—			(341,641,659)			(371,482,736)
Direxion Daily Semiconductor Bull 3X Shares			(3,060,844,564)			9,355,015			—			—			(3,051,489,549)
Direxion Daily Semiconductor Bear 3X Shares			(382,308,558)			3,393,297			—			(2,421,094,988)			(2,800,010,249)
Direxion Daily Technology Bull 3X Shares			492,406,427			1,848,022			—			—			494,254,449
Direxion Daily Technology Bear 3X Shares			(26,849,901)			403,259			—			(471,325,175)			(497,771,817)
Direxion Daily Transportation Bull 3X Shares			1,133,523			6,405			—			—			1,139,928
Direxion Daily Utilities Bull 3X Shares			16,584,908			—			—			—			16,584,908

176

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Funds			Net Unrealized Appreciation/ (Depreciation)			Undistributed Ordinary Income			Undistributed Capital Gain			Other Accumulated Earnings (Losses)1			Total Accumulated Earnings (Losses)
Direxion Daily 7-10 Year Treasury Bull 3X Shares			$(4,603,064)			$127,023			$   —			$(15,008,108)			$(19,484,149)
Direxion Daily 7-10 Year Treasury Bear 3X Shares			(737,854)			58,746			—			(44,642,449)			(45,321,557)
Direxion Daily 20+ Year Treasury Bull 3X Shares			(1,678,363,883)			14,341,272			—			(46,197,251)			(1,710,219,862)
Direxion Daily 20+ Year Treasury Bear 3X Shares			(35,131,067)			709,772			—			(636,615,677)			(671,036,972)

1
Other Accumulated Earnings (Losses) consist of capital loss carryover and qualified late year losses.

At October 31, 2024, the aggregate gross unrealized appreciation and depreciation of investments for U.S Federal income tax purposes were as follows:

Funds			Tax Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Direxion Daily Mid Cap Bull 3X Shares			$88,655,740			$16,643,557			$(9,121,523)			$7,522,034
Direxion Daily S&P 500® Bull 3X Shares			​5,146,944,347			1,191,306,547			(349,040,253)			842,266,294
Direxion Daily S&P 500® Bear 3X Shares			833,388,239			2,470,809			(329,219,252)			(326,748,443)
Direxion Daily Small Cap Bull 3X Shares			2,428,468,037			342,138,299			(295,780,385)			46,357,914
Direxion Daily Small Cap Bear 3X Shares			598,356,073			7,822,874			(253,881,539)			(246,058,665)
Direxion Daily FTSE China Bull 3X Shares			2,965,653,030			157,443,274			(1,034,525,603)			(877,082,329)
Direxion Daily FTSE China Bear 3X Shares			327,277,494			28,568,842			(142,968,224)			(114,399,382)
Direxion Daily FTSE Europe Bull 3X Shares			26,862,833			1,494,483			(1,737,448)			(242,965)
Direxion Daily MSCI Emerging Markets Bull 3X Shares			113,475,210			12,071,188			(29,687,851)			(17,616,663)
Direxion Daily MSCI Emerging Markets Bear 3X Shares			20,941,109			999,461			(4,369,165)			(3,369,704)
Direxion Daily MSCI Mexico Bull 3X Shares			36,713,059			—			(11,886,400)			(11,886,400)
Direxion Daily MSCI South Korea Bull 3X Shares			70,767,612			—			(13,430,808)			(13,430,808)
Direxion Daily Aerospace & Defense Bull 3X Shares			180,930,876			​48,463,640			​(13,131,047)			35,332,593
Direxion Daily Consumer Discretionary Bull 3X Shares			21,171,520			​5,784,442			​(2,316,256)			3,468,186
Direxion Daily Dow Jones Internet Bull 3X Shares			135,115,028			39,237,184			(9,777,456)			29,459,728
Direxion Daily Dow Jones Internet Bear 3X Shares			27,545,251			—			(10,443,637)			(10,443,637)
Direxion Daily Financial Bull 3X Shares			2,262,099,330			903,810,666			(54,059,604)			849,751,062
Direxion Daily Financial Bear 3X Shares			191,633,302			1,065,995			(66,431,299)			(65,365,304)
Direxion Daily Healthcare Bull 3X Shares			155,993,214			​36,913,643			​(26,695,989)			​10,217,654
Direxion Daily Homebuilders & Supplies Bull 3X Shares			​349,446,411			​95,555,759			(29,978,771)			​65,576,988
Direxion Daily Industrials Bull 3X Shares			37,377,883			12,434,207			(2,336,148)			10,098,059

177

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Funds			Tax Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			$17,644,329			$4,312,328			$(4,210,952)			$101,376
Direxion Daily Real Estate Bull 3X Shares			105,405,026			​30,509,486			​(24,342,995)			6,166,491
Direxion Daily Real Estate Bear 3X Shares			104,083,044			​794,892			​(38,450,127)			(37,655,235)
Direxion Daily Regional Banks Bull 3X Shares			​848,993,826			​338,884,272			(117,855,421)			​221,028,851
Direxion Daily Retail Bull 3X Shares			52,489,109			6,744,991			(14,470,011)			(7,725,020)
Direxion Daily S&P 500® High Beta Bull 3X Shares			44,714,625			5,533,280			(5,545,741)			(12,461)
Direxion Daily S&P 500® High Beta Bear 3X Shares			44,908,768			879,882			(14,770,083)			(13,890,201)
Direxion Daily S&P Biotech Bull 3X Shares			​1,136,396,188			242,035,769			​(263,659,795)			​(21,624,026)
Direxion Daily S&P Biotech Bear 3X Shares			118,773,674			5,167,934			(35,360,310)			(30,192,376)
Direxion Daily Semiconductor Bull 3X Shares			13,325,817,242			​990,500,912			​(4,051,345,476)			(3,060,844,564)
Direxion Daily Semiconductor Bear 3X Shares			1,330,236,825			147,941,157			(530,249,715)			(382,308,558)
Direxion Daily Technology Bull 3X Shares			3,216,168,986			​824,425,688			​(332,019,261)			492,406,427
Direxion Daily Technology Bear 3X Shares			132,937,076			6,216,157			(33,066,058)			(26,849,901)
Direxion Daily Transportation Bull 3X Shares			22,507,356			​3,021,780			​(1,888,257)			1,133,523
Direxion Daily Utilities Bull 3X Shares			57,625,334			22,172,947			(5,588,039)			16,584,908
Direxion Daily 7-10 Year Treasury Bull 3X Shares			57,630,300			64,819			(4,667,883)			(4,603,064)
Direxion Daily 7-10 Year Treasury Bear 3X Shares			​15,592,181			510,945			(1,248,799)			(737,854)
Direxion Daily 20+ Year Treasury Bull 3X Shares			7,843,471,567			84,606,617			(1,762,970,500)			(1,678,363,883)
Direxion Daily 20+ Year Treasury Bear 3X Shares			235,843,856			26,044,501			(61,175,568)			(35,131,067)

The difference between the book cost of investments and the tax cost of investments is primarily attributable to tax deferral of losses on wash sales and basis adjustments on investments in real estate investment trusts and passive foreign investment companies.

On the Statements of Assets and Liabilities, the following adjustments were made for permanent tax differences between accounting for total distributable earnings and capital stock under GAAP and tax reporting:

Funds			Total Distributable Earnings (Loss)			Capital Stock
Direxion Daily Mid Cap Bull 3X Shares			$(3,363,477)			$3,363,477
Direxion Daily S&P 500® Bull 3X Shares			(967,377,532)			967,377,532
Direxion Daily S&P 500® Bear 3X Shares			—			—
Direxion Daily Small Cap Bull 3X Shares			(103,035,771)			103,035,771
Direxion Daily Small Cap Bear 3X Shares			—			—
Direxion Daily FTSE China Bull 3X Shares			54,818,431			(54,818,431)
Direxion Daily FTSE China Bear 3X Shares			—			—

178

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

Funds			Total Distributable Earnings (Loss)			Capital Stock
Direxion Daily FTSE Europe Bull 3X Shares			$(479,541)			$479,541
Direxion Daily MSCI Emerging Markets Bull 3X Shares			(340,870)			340,870
Direxion Daily MSCI Emerging Markets Bear 3X Shares			—			—
Direxion Daily MSCI Mexico Bull 3X Shares			438,664			(438,664)
Direxion Daily MSCI South Korea Bull 3X Shares			(1,024,278)			1,024,278
Direxion Daily Aerospace & Defense Bull 3X Shares			(39,598,729)			39,598,729
Direxion Daily Consumer Discretionary Bull 3X Shares			(1,493,815)			1,493,815
Direxion Daily Dow Jones Internet Bull 3X Shares			(19,967,947)			19,967,947
Direxion Daily Dow Jones Internet Bear 3X Shares			—			—
Direxion Daily Financial Bull 3X Shares			(214,504,340)			214,504,340
Direxion Daily Financial Bear 3X Shares			—			—
Direxion Daily Healthcare Bull 3X Shares			(8,300,493)			8,300,493
Direxion Daily Homebuilders & Supplies Bull 3X Shares			(159,367,359)			159,367,359
Direxion Daily Industrials Bull 3X Shares			(4,292,687)			4,292,687
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			(1,132,067)			1,132,067
Direxion Daily Real Estate Bull 3X Shares			(1,961,325)			1,961,325
Direxion Daily Real Estate Bear 3X Shares			—			—
Direxion Daily Regional Banks Bull 3X Shares			(165,420,427)			165,420,427
Direxion Daily Retail Bull 3X Shares			(2,889,625)			2,889,625
Direxion Daily S&P 500® High Beta Bull 3X Shares			(6,534,651)			6,534,651
Direxion Daily S&P 500® High Beta Bear 3X Shares			—			—
Direxion Daily S&P Biotech Bull 3X Shares			(93,240,104)			93,240,104
Direxion Daily S&P Biotech Bear 3X Shares			—			—
Direxion Daily Semiconductor Bull 3X Shares			(6,428,843,127)			6,428,843,127
Direxion Daily Semiconductor Bear 3X Shares			—			—
Direxion Daily Technology Bull 3X Shares			(735,471,557)			735,471,557
Direxion Daily Technology Bear 3X Shares			—			—
Direxion Daily Transportation Bull 3X Shares			(3,066,223)			3,066,223
Direxion Daily Utilities Bull 3X Shares			(7,281,050)			7,281,050
Direxion Daily 7-10 Year Treasury Bull 3X Shares			(693,114)			693,114
Direxion Daily 7-10 Year Treasury Bear 3X Shares			—			—
Direxion Daily 20+ Year Treasury Bull 3X Shares			127,754,808			(127,754,808)
Direxion Daily 20+ Year Treasury Bear 3X Shares			—			—

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended October 31, 2024, the permanent differences primarily relate to tax treatment of redemptions in-kind, net operating losses and the utilization of earnings and profits distributed to shareholders on redemption of shares.

In order to meet certain U.S. excise tax distribution requirements, the Funds are required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, October 31, 2024.

At October 31, 2024, the Direxion Daily Dow Jones Internet Bull 3X Shares deferred, on a tax basis, qualified late year losses of $12,243.

Under current law, the Funds may carry forward net capital losses indefinitely to use to offset capital gains realized in future years and their character is retained as either short-term and/or long-term.

179

Direxion Shares ETF Trust

Notes to the Financial Statements

October 31, 2024(Continued)

At October 31, 2024, for U.S. Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains through the year indicated:

Funds			Utilized in Current Year			Unlimited ST			Unlimited LT
Direxion Daily Mid Cap Bull 3X Shares			$6,440,872			$(6,817,521)			$—
Direxion Daily S&P 500® Bull 3X Shares			72,884,312			—			—
Direxion Daily S&P 500® Bear 3X Shares			—			(3,095,449,874)			(3,329,426)
Direxion Daily Small Cap Bull 3X Shares			206,823,881			​(349,409,953)			—
Direxion Daily Small Cap Bear 3X Shares			—			​(3,631,433,359)			—
Direxion Daily FTSE China Bull 3X Shares			​296,041,570			​(197,345,571)			(5,052,532)
Direxion Daily FTSE China Bear 3X Shares			17,279,697			​(86,335,584)			—
Direxion Daily FTSE Europe Bull 3X Shares			4,785,087			(17,228,083)			(248,164)
Direxion Daily MSCI Emerging Markets Bull 3X Shares			—			​(182,412,212)			(61,036,330)
Direxion Daily MSCI Emerging Markets Bear 3X Shares			—			(337,420,517)			—
Direxion Daily MSCI Mexico Bull 3X Shares			—			​(270,319)			—
Direxion Daily MSCI South Korea Bull 3X Shares			—			(28,321,443)			—
Direxion Daily Aerospace & Defense Bull 3X Shares			—			—			—
Direxion Daily Consumer Discretionary Bull 3X Shares			2,047,401			(18,513,253)			(1,849,521)
Direxion Daily Dow Jones Internet Bull 3X Shares			—			(116,018,107)			(6,128,577)
Direxion Daily Dow Jones Internet Bear 3X Shares			—			(49,718,960)			—
Direxion Daily Financial Bull 3X Shares			466,891,018			—			—
Direxion Daily Financial Bear 3X Shares			—			(3,195,057,034)			—
Direxion Daily Healthcare Bull 3X Shares			—			(20,209,112)			(5,401,663)
Direxion Daily Homebuilders & Supplies Bull 3X Shares			—			—			—
Direxion Daily Industrials Bull 3X Shares			454,702			—			—
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			—			(8,372,073)			(1,223,127)
Direxion Daily Real Estate Bull 3X Shares			2,674,338			​(5,892,134)			—
Direxion Daily Real Estate Bear 3X Shares			—			(157,465,567)			—
Direxion Daily Regional Banks Bull 3X Shares			114,692,895			—			—
Direxion Daily Retail Bull 3X Shares			—			(68,220,102)			(10,463,859)
Direxion Daily S&P 500® High Beta Bull 3X Shares			11,637,489			(3,235,664)			(2,951,259)
Direxion Daily S&P 500® High Beta Bear 3X Shares			—			​(153,743,014)			—
Direxion Daily S&P Biotech Bull 3X Shares			—			​(1,354,313,344)			(156,118,985)
Direxion Daily S&P Biotech Bear 3X Shares			—			(341,641,659)			—
Direxion Daily Semiconductor Bull 3X Shares			78,790,487			—			—
Direxion Daily Semiconductor Bear 3X Shares			—			(2,421,094,988)			—
Direxion Daily Technology Bull 3X Shares			275,945,957			—			—
Direxion Daily Technology Bear 3X Shares			—			(471,325,175)			—
Direxion Daily Transportation Bull 3X Shares			1,230,641			—			—
Direxion Daily Utilities Bull 3X Shares			—			—			—
Direxion Daily 7-10 Year Treasury Bull 3X Shares			—			(13,265,013)			(1,743,095)
Direxion Daily 7-10 Year Treasury Bear 3X Shares			843,434			(44,642,449)			—
Direxion Daily 20+ Year Treasury Bull 3X Shares			​33,767,080			​(46,197,251)			—
Direxion Daily 20+ Year Treasury Bear 3X Shares			—			(636,615,677)			—

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Funds have reviewed all open tax years and concluded that there is no effect to the Funds’ financial positions or results of operations and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.

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Notes to the Financial Statements

October 31, 2024(Continued)

During this period, the Funds did not incur any interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of October 31, 2024, open U.S. Federal and state income tax years include the tax years ended October 31, 2021 through October 31, 2024. The Funds have no examination in progress. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

4. CREATION AND REDEMPTION TRANSACTIONS AND TRANSACTION FEES

Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called “Creation Units.” A Creation Unit consists of 50,000 shares. Creation Units of the Bull Funds are issued and redeemed in cash and/or in-kind for securities included in the relevant underlying index. Creation Units of the Bear Funds are issued and redeemed for cash. Investors such as market makers, large investors and institutions who wish to deal in Creation Units directly with a Fund must have entered into an authorized participant agreement with the principal underwriter and the transfer agent, or purchase through a dealer that has entered into such an agreement. Transactions in shares for each Fund include both cash and in-kind transactions and are disclosed in detail in the Statements of Changes in Net Assets.

Transaction fees are imposed to cover the costs associated with the issuance and redemption of Creation Units. There is a fixed and a variable component to the total transaction fee. A fixed transaction fee is paid to the transfer agent and is applicable to each creation or redemption transaction, regardless of the number of Creation Units purchased or redeemed. In addition, a variable transaction fee equal to a percentage of the value of each Creation Unit purchased or redeemed is applicable to each creation or redemption transaction and is paid to the Fund. Not all Funds will have a transaction fee associated with capital share activity for the year. Transaction fees received by each Fund are presented in the Capital Share Transaction section of the Statements of Changes in Net Assets and any amount receivable as of October 31, 2024 is included in Receivable for Fund shares sold on the Statement of Assets and Liabilities.

5. INVESTMENT TRANSACTIONS

The table below presents each Fund’s investment transactions during the year ended October 31, 2024. Purchases represent the aggregate purchases of investments excluding the cost of in-kind purchases, short-term investment purchases, swaps and futures contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments, swap and future contracts.

Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

Funds			Purchases			Sales			Purchases In-Kind			Sales In-Kind
Direxion Daily Mid Cap Bull 3X Shares			$63,939,925			$87,087,000			$116,620,790			$67,614,358
Direxion Daily S&P 500® Bull 3X Shares			3,582,556,448			840,617,418			4,890,091,568			6,655,988,508
Direxion Daily S&P 500® Bear 3X Shares			—			—			—			—
Direxion Daily Small Cap Bull 3X Shares			3,365,383,230			5,155,740,838			4,702,051,337			2,515,315,582
Direxion Daily Small Cap Bear 3X Shares			—			—			—			—
Direxion Daily FTSE China Bull 3X Shares			1,452,475,223			1,921,158,617			2,273,691,242			889,566,797
Direxion Daily FTSE China Bear 3X Shares			—			—			—			—
Direxion Daily FTSE Europe Bull 3X Shares			4,442,192			—			4,036,915			6,245,152
Direxion Daily MSCI Emerging Markets Bull 3X Shares			21,435,733			11,770,973			31,450,196			39,865,914
Direxion Daily MSCI Emerging Markets Bear 3X Shares			—			—			—			—
Direxion Daily MSCI Mexico Bull 3X Shares			4,957,175			21,446,623			31,722,578			7,058,303
Direxion Daily MSCI South Korea Bull 3X Shares			16,649,665			34,032,921			77,498,118			36,510,014
Direxion Daily Aerospace & Defense Bull 3X Shares			92,015,320			59,556,972			41,098,718			106,356,666
Direxion Daily Consumer Discretionary Bull 3X Shares			18,606,310			14,195,749			2,318,833			19,723,436
Direxion Daily Dow Jones Internet Bull 3X Shares			134,523,027			66,576,465			30,157,883			130,155,930

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Notes to the Financial Statements

October 31, 2024(Continued)

Funds			Purchases			Sales			Purchases In-Kind			Sales In-Kind
Direxion Daily Dow Jones Internet Bear 3X Shares			$—			$—			$—			$—
Direxion Daily Financial Bull 3X Shares			699,256,923			289,781,000			1,057,461,115			1,392,472,658
Direxion Daily Financial Bear 3X Shares			​—			​—			​—			​—
Direxion Daily Healthcare Bull 3X Shares			​41,919,674			​32,395,795			​11,520,594			​50,904,124
Direxion Daily Homebuilders & Supplies Bull 3X Shares			235,938,711			129,404,434			226,238,328			314,895,422
Direxion Daily Industrials Bull 3X Shares			16,063,267			4,574,822			13,962,923			18,508,393
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			8,545,421			7,016,144			10,916,106			10,220,445
Direxion Daily Real Estate Bull 3X Shares			28,688,765			25,150,231			51,797,061			40,898,628
Direxion Daily Real Estate Bear 3X Shares			—			—			—			—
Direxion Daily Regional Banks Bull 3X Shares			962,774,394			752,301,583			869,891,739			1,045,362,306
Direxion Daily Retail Bull 3X Shares			24,145,746			22,899,014			31,586,983			39,134,321
Direxion Daily S&P 500® High Beta Bull 3X Shares			60,670,923			46,125,467			25,376,552			73,358,642
Direxion Daily S&P 500® High Beta Bear 3X Shares			—			—			—			—
Direxion Daily S&P Biotech Bull 3X Shares			1,234,788,649			1,227,331,456			1,446,195,357			1,537,843,965
Direxion Daily S&P Biotech Bear 3X Shares			—			—			—			—
Direxion Daily Semiconductor Bull 3X Shares			10,294,314,403			19,955,071,351			22,282,701,820			11,977,570,144
Direxion Daily Semiconductor Bear 3X Shares			—			—			—			—
Direxion Daily Technology Bull 3X Shares			3,005,725,418			3,378,598,459			3,207,241,313			2,820,316,144
Direxion Daily Technology Bear 3X Shares			—			—			—			—
Direxion Daily Transportation Bull 3X Shares			17,998,216			9,258,782			6,775,103			15,545,821
Direxion Daily Utilities Bull 3X Shares			20,078,538			15,954,604			61,246,637			72,353,253
Direxion Daily 7-10 Year Treasury Bull 3X Shares			13,392,039			14,023,414			17,241,352			19,468,432
Direxion Daily 7-10 Year Treasury Bear 3X Shares			—			—			—			—
Direxion Daily 20+ Year Treasury Bull 3X Shares			5,954,875,700			7,211,429,071			6,440,124,819			2,483,608,393
Direxion Daily 20+ Year Treasury Bear 3X Shares			—			—			—			—

There were no purchases or sales of long-term U.S. Government securities in the Funds during the year ended October 31, 2024.

6. INVESTMENT ADVISORY AND OTHER AGREEMENTS

Under an Investment Advisory Agreement between the Adviser and the Trust, on behalf of each Fund, the Adviser provides a continuous investment program for each Fund’s assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of each Fund, subject to the supervision of the Trustees. Pursuant to the Advisory Agreement, each Fund pays the Adviser 0.75% at an annual rate based on its average daily net assets.

The Adviser has agreed to waive a portion of its fees based upon the specific breakpoints listed in the table below based on each Fund’s daily net assets. For the year ended October 31, 2024, the Adviser waived its fee in certain Funds.

Net Asset Range									Advisory Fee Limit
$0			-			$1,500,000,000			0.75%
$1,500,000,000			-			$2,000,000,000			0.70%
$2,000,000,000			-			$2,500,000,000			0.65%
$2,500,000,000			-			$3,000,000,000			0.60%
$3,000,000,000			-			$3,500,000,000			0.55%
$3,500,000,000			-			$4,000,000,000			0.50%
$4,000,000,000			-			$4,500,000,000			0.45%
Greater than $4,500,000,000									0.40%

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Notes to the Financial Statements

October 31, 2024(Continued)

Additionally, the Trust has entered into a Management Services Agreement with the Adviser. Under the Management Services Agreement, the Trust pays the Adviser management service fees of 0.026% on the first $10,000,000,000 of the Trust’s daily net assets and 0.024% on assets in excess of $10,000,000,000. This fee compensates the Adviser for performing certain management, administration and compliance functions related to the Trust. This fee is allocated to each Fund based on each Fund’s respective average daily net assets.

Each Fund is responsible for its own operating expenses. The Adviser has contractually agreed to waive its fees and/or reimburse each Fund’s operating expenses to the extent that they exceed 0.95% of each Fund’s respective average daily net assets at least until September 1, 2025. Any expense waiver is subject to recoupment by the Adviser, as applicable, within the following three years if overall expenses fall below these percentage limitations.

The table below presents amounts that the Adviser recouped, reimbursed and the amounts available for potential recoupment by the Adviser.

			Expenses Recouped			Expenses Reimbursed			Potential Recoupment Amounts Expiring:									Total Potential Recoupment Amount
									October 31, 2025			October 31, 2026			October 31, 2027
Direxion Daily Mid Cap Bull 3X Shares			$14,240			$2,522			$—			$14,705			$2,522			$17,227
Direxion Daily S&P 500® Bull 3X Shares			—			—			—			—			—			—
Direxion Daily S&P 500® Bear 3X Shares			6,148			6,148			—			—			—			—
Direxion Daily Small Cap Bull 3X Shares			—			—			—			—			—			—
Direxion Daily Small Cap Bear 3X Shares			10,090			10,090			—			—			—			—
Direxion Daily FTSE China Bull 3X Shares			86,048			37,961			—			—			—			—
Direxion Daily FTSE China Bear 3X Shares			36,412			10,095			—			—			9,930			9,930
Direxion Daily FTSE Europe Bull 3X Shares			2,213			2,002			—			7,823			2,002			9,825
Direxion Daily MSCI Emerging Markets Bull 3X Shares			35,449			5,932			—			11,264			5,932			17,196
Direxion Daily MSCI Emerging Markets Bear 3X Shares			49,215			​114,708			50,097			70,652			​114,708			​235,457
Direxion Daily MSCI Mexico Bull 3X Shares			2,128			8,216			14,262			22,387			8,216			44,865
Direxion Daily MSCI South Korea Bull 3X Shares			1,709			7,006			15,648			26,640			7,006			49,294
Direxion Daily Aerospace & Defense Bull 3X Shares			—			—			—			—			—			—
Direxion Daily Consumer Discretionary Bull 3X Shares			1,650			5,465			24,164			35,921			5,465			65,550
Direxion Daily Dow Jones Internet Bull 3X Shares			25,130			—			—			—			—			—
Direxion Daily Dow Jones Internet Bear 3X Shares			1,649			15,719			18,987			15,465			15,719			50,171
Direxion Daily Financial Bull 3X Shares			—			—			—			—			—			—
Direxion Daily Financial Bear 3X Shares			3,923			3,923			—			—			—			—
Direxion Daily Healthcare Bull 3X Shares			—			—			—			—			—			—

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Notes to the Financial Statements

October 31, 2024(Continued)

			Expenses Recouped			Expenses Reimbursed			Potential Recoupment Amounts Expiring:									Total Potential Recoupment Amount
									October 31, 2025			October 31, 2026			October 31, 2027
Direxion Daily Homebuilders & Supplies Bull 3X Shares			$—			$—			$—			$—			$—			$—
Direxion Daily Industrials Bull 3X Shares			​2,694			​3,474			​17,849			​44,415			​3,474			​65,738
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			1,430			25,590			23,937			52,651			25,590			102,178
Direxion Daily Real Estate Bull 3X Shares			29,957			1,967			—			37,853			1,967			39,820
Direxion Daily Real Estate Bear 3X Shares			38,651			1,809			51,746			9,547			1,809			63,102
Direxion Daily Regional Banks Bull 3X Shares			—			—			—			—			—			—
Direxion Daily Retail Bull 3X Shares			43			43			—			—			—			—
Direxion Daily S&P 500® High Beta Bull 3X Shares			6,609			2,424			—			44,410			2,424			46,834
Direxion Daily S&P 500® High Beta Bear 3X Shares			1,861			9,792			14,090			14,716			9,792			38,598
Direxion Daily S&P Biotech Bull 3X Shares			—			—			—			—			—			—
Direxion Daily S&P Biotech Bear 3X Shares			28,381			5,793			—			6,781			5,793			12,574
Direxion Daily Semiconductor Bull 3X Shares			—			—			—			—			-			—
Direxion Daily Semiconductor Bear 3X Shares			23,397			23,397			—			—			—			—
Direxion Daily Technology Bull 3X Shares			—			—			—			—			—			—
Direxion Daily Technology Bear 3X Shares			5,653			2,585			—			—			—			—
Direxion Daily Transportation Bull 3X Shares			2,664			15,726			12,108			34,823			15,726			62,657
Direxion Daily Utilities Bull 3X Shares			9,738			1,423			21,711			30,222			1,423			53,356
Direxion Daily 7-10 Year Treasury Bull 3X Shares			24,870			2,826			17,771			8,421			2,826			29,018
Direxion Daily 7-10 Year Treasury Bear 3X Shares			1,529			13,374			3,162			7,895			13,374			24,431
Direxion Daily 20+ Year Treasury Bull 3X Shares			—			—			—			—			—			—
Direxion Daily 20+ Year Treasury Bear 3X Shares			—			—			—			—			—			—

The net amounts receivable (payable) arising from the Investment Advisory Agreement, Management Services Agreement and waiver of any expenses as of October 31, 2024 is presented on the Statement of Assets and Liabilities as “Due from (to) Adviser, net”.

The Board has adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940. In accordance with the Plan, each Fund is authorized to charge an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No 12b-1 fees were charged by any Fund.

184

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Notes to the Financial Statements

October 31, 2024(Continued)

7. FAIR VALUE MEASUREMENTS

The Funds follow authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes of valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels below:

Level 1 –
Quoted prices in active markets for identical securities

Level 2 –
Evaluated price based on other significant observable inputs (including quoted prices for similar securities in active markets, quoted prices for identical or similar securities in inactive markets, interest rates, prepayment speeds, credit risk, etc.)

Level 3 –
Significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the credit risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds’ net assets as of October 31, 2024:

			Asset Class															Liability Class
			Level 1												Level 2			Level 2
Funds			Investment Companies			Common Stocks			Short Term Investments			Futures Contracts*			Total Return Swap Contracts*			Total Return Swap Contracts*
Direxion Daily Mid Cap Bull 3X Shares			$—			$64,026,550			$20,945,271			$—			$11,205,953			$—
Direxion Daily S&P 500® Bull 3X Shares			—			3,417,834,455			1,599,279,922			16,603,003			955,493,261			—
Direxion Daily S&P 500® Bear 3X Shares			—			—			545,240,465			—			​2,470,809			(41,071,478)
Direxion Daily Small Cap Bull 3X Shares			1,579,558,090			—			656,867,543			—			238,400,318			—
Direxion Daily Small Cap Bear 3X Shares			—			—			367,460,113			—			7,822,874			(22,985,579)
Direxion Daily FTSE China Bull 3X Shares			​1,263,674,379			​—			1,028,523,261			—			96,301,923			(299,928,862)
Direxion Daily FTSE China Bear 3X Shares			—			—			184,309,270			—			28,568,842			—
Direxion Daily FTSE Europe Bull 3X Shares			13,464,350			—			12,219,128			—			1,102,755			(166,365)
Direxion Daily MSCI Emerging Markets Bull 3X Shares			3,680,771			—			82,858,054			—			12,071,188			(2,751,466)
Direxion Daily MSCI Emerging Markets Bear 3X Shares			—			—			17,101,864			—			999,461			(529,920)
Direxion Daily MSCI Mexico Bull 3X Shares			12,139,104			—			17,072,285			—			—			(4,384,730)
Direxion Daily MSCI South Korea Bull 3X Shares			38,447,722			—			26,184,655			—			—			(7,295,573)
Direxion Daily Aerospace & Defense Bull 3X Shares			—			110,726,225			76,503,299			—			30,174,801			(1,140,856)
Direxion Daily Consumer Discretionary Bull 3X Shares			—			11,543,572			9,376,121			—			3,767,691			(47,678)
Direxion Daily Dow Jones Internet Bull 3X Shares			—			92,086,318			45,631,684			—			26,856,754			—
Direxion Daily Dow Jones Internet Bear 3X Shares			—			—			19,446,555			—			—			(2,344,941)
Direxion Daily Financial Bull 3X Shares			—			1,653,007,305			787,915,407			—			670,927,680			—
Direxion Daily Financial Bear 3X Shares			—			—			151,223,167			—			1,065,995			(26,021,164)
Direxion Daily Healthcare Bull 3X Shares			—			116,503,188			32,174,952			—			17,799,040			(266,312)
Direxion Daily Homebuilders & Supplies Bull 3X Shares			—			190,039,808			141,539,315			—			83,444,276			—
Direxion Daily Industrials Bull 3X Shares			—			27,221,226			11,007,800			—			9,260,421			(13,505)
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			—			10,892,000			4,471,982			—			2,541,585			(159,862)
Direxion Daily Real Estate Bull 3X Shares			—			59,436,704			28,625,565			—			23,509,248			—

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Notes to the Financial Statements

October 31, 2024(Continued)

			Asset Class															Liability Class
			Level 1												Level 2			Level 2
Funds			Investment Companies			Common Stocks			Short Term Investments			Futures Contracts*			Total Return Swap Contracts*			Total Return Swap Contracts*
Direxion Daily Real Estate Bear 3X Shares			$—			$—			$76,505,297			$—			$794,892			$(10,872,380)
Direxion Daily Regional Banks Bull 3X Shares			—			532,650,589			256,807,294			—			280,564,794			—
Direxion Daily Retail Bull 3X Shares			—			30,672,656			11,523,934			—			2,885,438			(317,939)
Direxion Daily S&P 500® High Beta Bull 3X Shares			​—			​30,859,394			​11,117,444			​—			​2,725,326			—
Direxion Daily S&P 500® High Beta Bear 3X Shares			—			—			33,305,679			—			879,882			(3,166,994)
Direxion Daily S&P Biotech Bull 3X Shares			—			624,169,717			300,674,666			—			189,927,779			—
Direxion Daily S&P Biotech Bear 3X Shares			—			—			83,924,155			—			5,167,934			(510,791)
Direxion Daily Semiconductor Bull 3X Shares			—			6,969,393,855			3,070,957,155			—			415,849,801			(191,228,133)
Direxion Daily Semiconductor Bear 3X Shares			—			—			822,321,037			—			147,941,157			(22,333,927)
Direxion Daily Technology Bull 3X Shares			—			2,141,584,904			998,045,727			—			568,944,782			—
Direxion Daily Technology Bear 3X Shares			—			—			101,415,462			—			6,216,157			(1,544,444)
Direxion Daily Transportation Bull 3X Shares			—			​16,007,357			6,433,244			—			1,423,363			(223,085)
Direxion Daily Utilities Bull 3X Shares			—			29,163,400			24,991,343			—			20,055,499			—
Direxion Daily 7-10 Year Treasury Bull 3X Shares			31,063,242			—			22,832,526			—			61,800			(930,332)
Direxion Daily 7-10 Year Treasury Bear 3X Shares			—			—			14,443,382			—			510,945			—
Direxion Daily 20+ Year Treasury Bull 3X Shares			4,366,074,763			—			1,780,842,177			—			61,473,937			(43,283,193)
Direxion Daily 20+ Year Treasury Bear 3X Shares			—			—			174,668,288			—			26,044,501			—

For further detail on each asset class, see each Fund’s Schedule of Investments.

*
Futures contracts and total return swap contracts are valued at the unrealized appreciation/(depreciation).

The Funds also follow authoritative accounting standards, which require additional disclosure regarding fair value measurements. Specifically, these standards require reporting entities to disclose a) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, b) transfers between all levels on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfers and c) purchases and sales on a gross basis in the Level 3 rollforward rather than as one net number. Additionally, reporting entities are required to disclose quantitative information about unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy.

There were no Level 3 securities held by the Funds or any transfers between levels during the year ended October 31, 2024.

8. VALUATION OF DERIVATIVE INSTRUMENTS

The Funds follow authoritative standards of accounting for derivative instruments, which establish disclosure requirements for derivative instruments. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enable investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund’s financial position and results of operations.

186

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Notes to the Financial Statements

October 31, 2024(Continued)

The Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. For additional discussion on the risks associated with derivative instruments refer to Note 2. As of October 31, 2024, the Funds were invested in swap contracts. At October 31, 2024, the fair value of derivative instruments, by primary risk, were as follows:

			Asset Derivatives1
Funds			Equity Risk			Interest Rate Risk			Total
Direxion Daily Mid Cap Bull 3X Shares			$11,205,953			$—			$11,205,953
Direxion Daily S&P 500® Bull 3X Shares			955,493,261			—			955,493,261
Direxion Daily S&P 500® Bear 3X Shares			2,470,809			—			2,470,809
Direxion Daily Small Cap Bull 3X Shares			238,400,318			—			238,400,318
Direxion Daily Small Cap Bear 3X Shares			7,822,874			—			7,822,874
Direxion Daily FTSE China Bull 3X Shares			96,301,923			—			96,301,923
Direxion Daily FTSE China Bear 3X Shares			28,568,842			—			28,568,842
Direxion Daily FTSE Europe Bull 3X Shares			1,102,755			—			1,102,755
Direxion Daily MSCI Emerging Markets Bull 3X Shares			12,071,188			—			12,071,188
Direxion Daily MSCI Emerging Markets Bear 3X Shares			999,461			—			999,461
Direxion Daily Aerospace & Defense Bull 3X Shares			30,174,801			—			30,174,801
Direxion Daily Consumer Discretionary Bull 3X Shares			3,767,691			—			3,767,691
Direxion Daily Dow Jones Internet Bull 3X Shares			26,856,754			—			26,856,754
Direxion Daily Financial Bull 3X Shares			670,927,680			—			670,927,680
Direxion Daily Financial Bear 3X Shares			1,065,995			—			1,065,995
Direxion Daily Healthcare Bull 3X Shares			17,799,040			—			17,799,040
Direxion Daily Homebuilders & Supplies Bull 3X Shares			83,444,276			—			83,444,276
Direxion Daily Industrials Bull 3X Shares			9,260,421			—			9,260,421
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			2,541,585			—			2,541,585
Direxion Daily Real Estate Bull 3X Shares			23,509,248			—			23,509,248
Direxion Daily Real Estate Bear 3X Shares			794,892			—			794,892
Direxion Daily Regional Banks Bull 3X Shares			280,564,794			—			280,564,794
Direxion Daily Retail Bull 3X Shares			2,885,438			—			2,885,438
Direxion Daily S&P 500® High Beta Bull 3X Shares			2,725,326			—			2,725,326
Direxion Daily S&P 500® High Beta Bear 3X Shares			879,882			—			879,882
Direxion Daily S&P Biotech Bull 3X Shares			189,927,779			—			189,927,779
Direxion Daily S&P Biotech Bear 3X Shares			5,167,934			—			5,167,934
Direxion Daily Semiconductor Bull 3X Shares			415,849,801			—			415,849,801
Direxion Daily Semiconductor Bear 3X Shares			147,941,157			—			147,941,157
Direxion Daily Technology Bull 3X Shares			568,944,782			—			568,944,782
Direxion Daily Technology Bear 3X Shares			6,216,157			—			6,216,157
Direxion Daily Transportation Bull 3X Shares			1,423,363			—			1,423,363
Direxion Daily Utilities Bull 3X Shares			20,055,499			—			20,055,499
Direxion Daily 7-10 Year Treasury Bull 3X Shares			—			61,800			61,800
Direxion Daily 7-10 Year Treasury Bear 3X Shares			—			510,945			510,945
Direxion Daily 20+ Year Treasury Bull 3X Shares			—			61,473,937			61,473,937
Direxion Daily 20+ Year Treasury Bear 3X Shares			—			26,044,501			26,044,501

187

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Notes to the Financial Statements

October 31, 2024(Continued)

Futures Contracts*

Funds			Equity Risk			Interest Rate Risk			Total
Direxion Daily S&P 500® Bull 3X Shares			$16,603,003			$—			$16,603,003

1
Statements of Assets and Liabilities location: Unrealized appreciation on swap contracts.

*
Cumulative appreciation(depreciation) of futures contracts as reported in the Schedule of Investments.

Only current day’s variation margin, if any, is reported in the Statements of Assets and Liabilities.

			Liability Derivatives2
Funds			Equity Risk			Interest Rate Risk			Total
Direxion Daily S&P 500® Bear 3X Shares			$41,071,478			$—			$41,071,478
Direxion Daily Small Cap Bear 3X Shares			22,985,579			—			22,985,579
Direxion Daily FTSE China Bull 3X Shares			299,928,862			—			299,928,862
Direxion Daily FTSE Europe Bull 3X Shares			166,365			—			166,365
Direxion Daily MSCI Emerging Markets Bull 3X Shares			2,751,466			—			2,751,466
Direxion Daily MSCI Emerging Markets Bear 3X Shares			529,920			—			529,920
Direxion Daily MSCI Mexico Bull 3X Shares			4,384,730			—			4,384,730
Direxion Daily MSCI South Korea Bull 3X Shares			7,295,573			—			7,295,573
Direxion Daily Aerospace & Defense Bull 3X Shares			1,140,856			—			1,140,856
Direxion Daily Consumer Discretionary Bull 3X Shares			47,678			—			47,678
Direxion Daily Dow Jones Internet Bear 3X Shares			2,344,941			—			2,344,941
Direxion Daily Financial Bear 3X Shares			26,021,164			—			26,021,164
Direxion Daily Healthcare Bull 3X Shares			266,312			—			266,312
Direxion Daily Industrials Bull 3X Shares			13,505			—			13,505
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			159,862			—			159,862
Direxion Daily Real Estate Bear 3X Shares			10,872,380			—			10,872,380
Direxion Daily Retail Bull 3X Shares			317,939			—			317,939
Direxion Daily S&P 500® High Beta Bear 3X Shares			3,166,994			—			3,166,994
Direxion Daily S&P Biotech Bear 3X Shares			510,791			—			510,791
Direxion Daily Semiconductor Bull 3X Shares			191,228,133			—			191,228,133
Direxion Daily Semiconductor Bear 3X Shares			22,333,927			—			22,333,927
Direxion Daily Technology Bear 3X Shares			1,544,444			—			1,544,444
Direxion Daily Transportation Bull 3X Shares			223,085			—			223,085
Direxion Daily 7-10 Year Treasury Bull 3X Shares			—			930,332			930,332
Direxion Daily 20+ Year Treasury Bull 3X Shares			—			43,283,193			43,283,193

2
Statements of Assets and Liabilities location: Unrealized depreciation on swap contracts.

188

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Notes to the Financial Statements

October 31, 2024(Continued)

Transactions in derivative instruments during the period ended October 31, 2024 by primary risk, were as follows:

						Net Realized Gain (Loss) 1						Net Unrealized Appreciation (Depreciation)2
Funds						Equity Risk			Interest Rate Risk			Equity Risk			Interest Rate Risk
Direxion Daily Mid Cap Bull 3X Shares			Swap Contracts			$7,766,648			$—			$16,779,303			$—
Direxion Daily S&P 500® Bull 3X Shares			Swap Contracts			1,079,096,715			—			917,189,964			—
Direxion Daily S&P 500® Bull 3X Shares			Futures Contracts			109,192,315			—			16,603,003			—
Direxion Daily S&P 500® Bear 3X Shares			Swap Contracts			(351,457,650)			—			(150,052,216)			—
Direxion Daily Small Cap Bull 3X Shares			Swap Contracts			410,397,683			—			451,433,880			—
Direxion Daily Small Cap Bear 3X Shares			Swap Contracts			(206,762,166)			—			(93,150,575)			—
Direxion Daily FTSE China Bull 3X Shares			Swap Contracts			137,106,428			—			(90,675,300)			—
Direxion Daily FTSE China Bear 3X Shares			Swap Contracts			(100,693,444)			—			6,661,370			—
Direxion Daily FTSE Europe Bull 3X Shares			Swap Contracts			5,643,524			—			1,577,246			—
Direxion Daily MSCI Emerging Markets Bull 3X Shares			Swap Contracts			3,864,591			—			26,376,502			—
Direxion Daily MSCI Emerging Markets Bear 3X Shares			Swap Contracts			(7,688,934)			—			(4,222,853)			—
Direxion Daily MSCI Mexico Bull 3X Shares			Swap Contracts			(4,425,795)			—			(4,003,827)			—
Direxion Daily MSCI South Korea Bull 3X Shares			Swap Contracts			3,101,782			—			191,431			—
Direxion Daily Aerospace & Defense Bull 3X Shares			Swap Contracts			49,822,875			—			28,253,937			—
Direxion Daily Consumer Discretionary Bull 3X Shares			Swap Contracts			4,492,039			—			7,536,577			—
Direxion Daily Dow Jones Internet Bull 3X Shares			Swap Contracts			92,747,569			—			8,803,492			—
Direxion Daily Dow Jones Internet Bear 3X Shares			Swap Contracts			(22,875,904)			—			(3,874,887)			—
Direxion Daily Financial Bull 3X Shares			Swap Contracts			607,073,266			—			833,476,590			—
Direxion Daily Financial Bear 3X Shares			Swap Contracts			(99,496,728)			—			(56,008,541)			—
Direxion Daily Healthcare Bull 3X Shares			Swap Contracts			437,478			—			47,199,348			—
Direxion Daily Homebuilders & Supplies Bull 3X Shares			Swap Contracts			143,303,348			—			57,184,471			—
Direxion Daily Industrials Bull 3X Shares			Swap Contracts			5,270,333			—			10,685,181			—
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			Swap Contracts			(708,191)			—			5,612,973			—
Direxion Daily Real Estate Bull 3X Shares			Swap Contracts			(1,412,331)			—			35,640,311			—
Direxion Daily Real Estate Bear 3X Shares			Swap Contracts			(47,746,100)			—			(48,922,997)			—
Direxion Daily Regional Banks Bull 3X Shares			Swap Contracts			215,241,840			—			302,875,203			—
Direxion Daily Retail Bull 3X Shares			Swap Contracts			12,244,512			—			6,048,417			—
Direxion Daily S&P 500® High Beta Bull 3X Shares			Swap Contracts			22,193,605			—			14,295,086			—
Direxion Daily S&P 500® High Beta Bear 3X Shares			Swap Contracts			(20,736,858)			—			(20,988,628)			—
Direxion Daily S&P Biotech Bull 3X Shares			Swap Contracts			188,948,962			—			419,751,330			—
Direxion Daily S&P Biotech Bear 3X Shares			Swap Contracts			(46,441,054)			—			(17,914,515)			—
Direxion Daily Semiconductor Bull 3X Shares			Swap Contracts			3,956,206,332			—			462,477,129			—
Direxion Daily Semiconductor Bear 3X Shares			Swap Contracts			(952,672,495)			—			(111,617,494)			—
Direxion Daily Technology Bull 3X Shares			Swap Contracts			751,527,920			—			550,805,458			—
Direxion Daily Technology Bear 3X Shares			Swap Contracts			(93,687,980)			—			(1,329,015)			—
Direxion Daily Transportation Bull 3X Shares			Swap Contracts			3,892,304			—			5,185,693			—
Direxion Daily Utilities Bull 3X Shares			Swap Contracts			3,762,274			—			22,645,080			—
Direxion Daily 7-10 Year Treasury Bull 3X Shares			Swap Contracts			—			(1,575,088)			—			5,996,115
Direxion Daily 7-10 Year Treasury Bear 3X Shares			Swap Contracts			—			1,891,636			—			(6,176,265)
Direxion Daily 20+ Year Treasury Bull 3X Shares			Swap Contracts			—			(416,252,330)			—			566,949,423
Direxion Daily 20+ Year Treasury Bear 3X Shares			Swap Contracts			—			(84,727,793)			—			(35,851,867)

1
Statements of Operations location: Net realized gain (loss) on swap and futures contracts.

2
Statements of Operations location: Change in net unrealized appreciation (depreciation) on swap and futures contracts.

189

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Notes to the Financial Statements

October 31, 2024(Continued)

For the year ended October 31, 2024, the volume of the derivatives held by the Funds was as follows:

			Quarterly Average Gross Notional Amounts
			Long Total Return Swap Contracts			Short Total Return Swap Contracts			Long Futures Contracts
Direxion Daily Mid Cap Bull 3X Shares			$166,295,178			$—			$—
Direxion Daily S&P 500® Bull 3X Shares			7,647,206,383			—			1,198,373,750
Direxion Daily S&P 500® Bear 3X Shares			—			1,707,359,890			—
Direxion Daily Small Cap Bull 3X Shares			4,776,353,196			—			—
Direxion Daily Small Cap Bear 3X Shares			—			1,097,734,641			—
Direxion Daily FTSE China Bull 3X Shares			2,532,168,776			—			—
Direxion Daily FTSE China Bear 3X Shares			—			455,863,961			—
Direxion Daily FTSE Europe Bull 3X Shares			52,309,312			—			—
Direxion Daily MSCI Emerging Markets Bull 3X Shares			222,469,931			—			—
Direxion Daily MSCI Emerging Markets Bear 3X Shares			—			62,959,639			—
Direxion Daily MSCI Mexico Bull 3X Shares			46,439,749			—			—
Direxion Daily MSCI South Korea Bull 3X Shares			98,252,837			—			—
Direxion Daily Aerospace & Defense Bull 3X Shares			371,628,048			—			—
Direxion Daily Consumer Discretionary Bull 3X Shares			56,496,490			—			—
Direxion Daily Dow Jones Internet Bull 3X Shares			311,976,943			—			—
Direxion Daily Dow Jones Internet Bear 3X Shares			—			67,251,455			—
Direxion Daily Financial Bull 3X Shares			4,423,926,156			—			—
Direxion Daily Financial Bear 3X Shares			—			394,876,963			—
Direxion Daily Healthcare Bull 3X Shares			371,608,412			—			—
Direxion Daily Homebuilders & Supplies Bull 3X Shares			599,514,799			—			—
Direxion Daily Industrials Bull 3X Shares			64,022,513			—			—
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			29,128,757			—			—
Direxion Daily Real Estate Bull 3X Shares			159,245,821			—			—
Direxion Daily Real Estate Bear 3X Shares			—			314,445,487			—
Direxion Daily Regional Banks Bull 3X Shares			1,465,546,462			—			—
Direxion Daily Retail Bull 3X Shares			100,159,438			—			—
Direxion Daily S&P 500® High Beta Bull 3X Shares			115,545,420			—			—
Direxion Daily S&P 500® High Beta Bear 3X Shares			—			121,441,889			—
Direxion Daily S&P Biotech Bull 3X Shares			2,045,625,277			—			—
Direxion Daily S&P Biotech Bear 3X Shares			—			315,516,220			—
Direxion Daily Semiconductor Bull 3X Shares			20,037,829,083			—			—
Direxion Daily Semiconductor Bear 3X Shares			—			2,314,164,662			—
Direxion Daily Technology Bull 3X Shares			5,963,936,498			—			—
Direxion Daily Technology Bear 3X Shares			—			320,255,167			—
Direxion Daily Transportation Bull 3X Shares			48,340,308			—			—
Direxion Daily Utilities Bull 3X Shares			96,550,793			—			—
Direxion Daily 7-10 Year Treasury Bull 3X Shares			108,189,985			—			—
Direxion Daily 7-10 Year Treasury Bear 3X Shares			—			56,971,815			—
Direxion Daily 20+ Year Treasury Bull 3X Shares			11,014,248,425			—			—
Direxion Daily 20+ Year Treasury Bear 3X Shares			—			800,126,794			—

The Funds utilize this volume of derivatives in order to obtain leverage in order to meet the investment objectives of 300% or -300% daily performance of their respective indices.

9. PRINCIPAL RISKS

Below are some of the principal risks of investing in the Funds. Please refer to the Funds’ prospectus for a full discussion.

Counterparty Risk – A Fund will be subject to credit risk with respect to the amount it expects to receive from counterparties to financial instruments entered into by the Fund. The Funds’ counterparties are generally required to post collateral to the Funds to the extent of the Funds’ daily exposure to such counterparties. However, to the extent any

190

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Notes to the Financial Statements

October 31, 2024(Continued)

such collateral is insufficient, the Funds will be exposed to counterparty risk as described in this paragraph. In addition, there may be a delay associated with realization by the Funds of the collateral posted by such counterparties in the event of counterparty default or bankruptcy. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. A Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances.

Sector Concentration Risk – The risk of concentrating investments in a limited number of issuers in a particular industry is that a Fund will be more susceptible to the risks associated with that industry than a Fund that does not concentrate its investments.

Daily Index Correlation/Tracking Risk – A number of factors may affect a Fund’s ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. A failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective. A number of factors may adversely affect a Fund’s correlation with its benchmark, including fees, expenses, transaction costs, costs associated with the use of leveraged investment techniques, income items, accounting standards, and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. A Fund may not have investment exposure to all securities in its underlying benchmark index, or its weighting of investment exposure to such stocks or industries may be different from that of the index. In addition, a Fund may invest in securities or financial instruments not included in the index underlying its benchmark. A Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to its benchmark. Activities surrounding annual index reconstitutions and other index rebalancing or reconstitution events may hinder the Funds’ ability to meet their daily investment objective on that day. Each Fund seeks to rebalance its portfolio daily to keep leverage consistent with its daily investment objective.

Certain Funds are “leveraged” funds in the sense that they have investment objectives to match a multiple of the performance of an index on a given day. These Funds are subject to all the correlation risks described above. In addition, there is a special form of correlation risk that derives from these Funds’ use of leverage, which is that for periods greater than one day, the use of leverage tends to cause the performance of a Fund to be either greater than or less than the index performance times the stated multiple in the fund objective, before accounting for fees and fund expenses. In general, given a particular index return, increased volatility of the index will cause a decrease in the performance relative to the index performance times the stated fund multiple.

Derivatives Risk – The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

In addition, the Fund’s investments in derivatives are subject to the following risks:

• Swap Agreements. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities representing a particular index or an ETF that seeks to track an index. Swaps are subject to counterparty, valuation and leveraging risks.

• Futures Contracts. Futures contracts are typically exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. Futures contracts are subject to liquidity risks; there may not be a liquid secondary market for the futures contracts and the Fund may not be able to enter into a closing transaction. Exchanges may also limit the number of positions that can be held or controlled by the Fund or the Adviser, thus limiting the ability of the Fund to implement its leveraged investment strategy. Futures markets are highly volatile and the use of futures may increase the Fund’s volatility. Futures contracts are also subject to leverage risk.

191

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Notes to the Financial Statements

October 31, 2024(Continued)

Foreign Securities Risk – Investments in foreign securities directly or indirectly through investments in exchange traded funds which track foreign securities involve greater risks than investing in domestic securities. As a result, the Funds’ returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The laws, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy’s dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.

Leverage Risk – Leverage offers a means of magnifying market movements into larger changes in an investment’s value and provides greater investment exposure than an unleveraged investment. Swap and future agreements may be used to create leverage. Each Fund employs leveraged investment techniques to achieve its investment objective.

Liquidity Risk – In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a Fund invests, a Fund might not be able to dispose of certain holdings quickly or at prices that represent fair market value in the judgment of the Adviser. Additionally, certain counterparties may have the ability to demand repayment at any time, thereby exposing the Fund to the risk that it may be required to liquidate investments at an inopportune time. This may prevent a Fund from limiting losses, realizing gains or from achieving a high correlation or inverse correlation with its underlying index.

10. ADDITIONAL INFORMATION

On April 15, 2024, shares of the following Fund were adjusted to reflect a reverse stock split. The effect of the reverse stock split was to decrease the number of shares outstanding and increase the net asset value. The reverse stock split has no impact on the net assets of the Fund or the value of a shareholder’s investment in the Fund. A summary of the reverse stock splits is as follows:

Fund

Effective Date

Rate

Net Asset Value Before Split

Net Asset Value After Split

Shares Outstanding Before Split

Shares Outstanding After Split

Direxion Daily Semiconductor Bear 3X Shares

​4/15/2024

1:10

3.53

35.30

219,873,440

21,987,344

11. SUBSEQUENT EVENTS

Management has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no items require recognition or disclosure besides those noted below.

On November 4, 2024, shares of the following Funds were adjusted to reflect a reverse stock split. The effect of the reverse stock split was to decrease the number of shares outstanding and increase the net asset value. The reverse stock split has no impact on the net assets of the Fund or the value of a shareholder’s investment in the Fund. A summary of the reverse stock splits is as follows:

Funds			Effective Date			Rate			Net Asset Value Before Split			Net Asset Value After Split			Shares Outstanding Before Split			Shares Outstanding After Split
Direxion Daily FTSE China Bear 3X Shares			11/4/2024			1:20			3.65			73.00			48,227,337			2,411,367
Direxion Daily Dow Jones Internet Bear 3X Shares			11/4/2024			1:10			4.78			47.80			3,469,952			346,995
Direxion Daily Technology Bear 3X Shares			11/4/2024			1:10			5.44			54.40			14,900,260			1,490,026

192

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Notes to the Financial Statements

October 31, 2024(Continued)

On December 11, 2024, certain Funds declared capital gain distributions with an ex-date of December 12, 2024 and payable date of December 19, 2024. The specific Funds and per share amounts of the distributions are listed below.

Funds			Per Share Short Term Capital Gain Distribution
Direxion Daily Aerospace & Defense Bull 3X Shares			​$3.57417
Direxion Daily Industrials Bull 3X Shares			​3.22470
Direxion Daily Technology Bull 3X Shares			​0.03519

On December 20, 2024, certain Funds declared income distributions with an ex-date of December 23, 2024 and payable date of December 31, 2024. The specific Funds and per share amounts of the distributions are listed below.

Funds			Per Share Income Distribution
Direxion Daily Mid Cap Bull 3X Shares			$0.13132
Direxion Daily S&P 500® Bull 3X Shares			0.32070
Direxion Daily S&P 500® Bear 3X Shares			0.04965
Direxion Daily Small Cap Bull 3X Shares			0.17574
Direxion Daily Small Cap Bear 3X Shares			0.08393
Direxion Daily FTSE China Bull 3X Shares			0.30703
Direxion Daily FTSE China Bear 3X Shares			0.73548
Direxion Daily FTSE Europe Bull 3X Shares			0.17649
Direxion Daily MSCI Emerging Markets Bull 3X Shares			0.12693
Direxion Daily MSCI Emerging Markets Bear 3X Shares			0.02995
Direxion Daily MSCI Mexico Bull 3X Shares			0.24763
Direxion Daily MSCI South Korea Bull 3X Shares			0.07536
Direxion Daily Aerospace & Defense Bull 3X Shares			0.09407
Direxion Daily Consumer Discretionary Bull 3X Shares			0.06607
Direxion Daily Dow Jones Internet Bear 3X Shares			0.42476
Direxion Daily Financial Bull 3X Shares			0.19112
Direxion Daily Financial Bear 3X Shares			0.04194
Direxion Daily Healthcare Bull 3X Shares			0.11600
Direxion Daily Homebuilders & Supplies Bull 3X Shares			0.05617
Direxion Daily Industrials Bull 3X Shares			0.08175
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			0.01305
Direxion Daily Real Estate Bull 3X Shares			0.04352
Direxion Daily Real Estate Bear 3X Shares			0.26417
Direxion Daily Regional Banks Bull 3X Shares			0.21281
Direxion Daily Retail Bull 3X Shares			0.02103
Direxion Daily S&P 500® High Beta Bear 3X Shares			0.14624
Direxion Daily S&P Biotech Bear 3X Shares			0.12639
Direxion Daily Semiconductor Bull 3X Shares			0.07683
Direxion Daily Semiconductor Bear 3X Shares			0.30199
Direxion Daily Technology Bull 3X Shares			0.01540
Direxion Daily Technology Bear 3X Shares			0.47222
Direxion Daily Transportation Bull 3X Shares			0.05959
Direxion Daily Utilities Bull 3X Shares			0.10158
Direxion Daily 7-10 Year Treasury Bull 3X Shares			0.23511
Direxion Daily 7-10 Year Treasury Bear 3X Shares			0.05341
Direxion Daily 20+ Year Treasury Bull 3X Shares			0.52430
Direxion Daily 20+ Year Treasury Bear 3X Shares			0.14952

193

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Direxion Daily Mid Cap Bull 3X Shares, Direxion Daily S&P 500^® Bull 3X Shares, Direxion Daily S&P 500^® Bear 3X Shares, Direxion Daily Small Cap Bull 3X Shares, Direxion Daily Small Cap Bear 3X Shares, Direxion Daily FTSE China Bull 3X Shares, Direxion Daily FTSE China Bear 3X Shares, Direxion Daily FTSE Europe Bull 3X Shares, Direxion Daily MSCI Emerging Markets Bull 3X Shares, Direxion Daily MSCI Emerging Markets Bear 3X Shares, Direxion Daily MSCI Mexico Bull 3X Shares, Direxion Daily MSCI South Korea Bull 3X Shares, Direxion Daily Aerospace & Defense Bull 3X Shares, Direxion Daily Consumer Discretionary Bull 3X Shares, Direxion Daily Dow Jones Internet Bull 3X Shares, Direxion Daily Dow Jones Internet Bear 3X Shares, Direxion Daily Financial Bull 3X Shares, Direxion Daily Financial Bear 3X Shares, Direxion Daily Healthcare Bull 3X Shares, Direxion Daily Homebuilders & Supplies Bull 3X Shares, Direxion Daily Industrials Bull 3X Shares, Direxion Daily Pharmaceutical & Medical Bull 3X Shares, Direxion Daily Real Estate Bull 3X Shares, Direxion Daily Real Estate Bear 3X Shares, Direxion Daily Regional Banks Bull 3X Shares, Direxion Daily Retail Bull 3X Shares, Direxion Daily S&P 500^® High Beta Bull 3X Shares, Direxion Daily S&P 500^® High Beta Bear 3X Shares, Direxion Daily S&P Biotech Bull 3X Shares, Direxion Daily S&P Biotech Bear 3X Shares, Direxion Daily Semiconductor Bull 3X Shares, Direxion Daily Semiconductor Bear 3X Shares, Direxion Daily Technology Bull 3X Shares, Direxion Daily Technology Bear 3X Shares, Direxion Daily Transportation Bull 3X Shares, Direxion Daily Utilities Bull 3X Shares, Direxion Daily 7-10 Year Treasury Bull 3X Shares, Direxion Daily 7-10 Year Treasury Bear 3X Shares, Direxion Daily 20+ Year Treasury Bull 3X Shares, Direxion Daily 20+ Year Treasury Bear 3X Shares and the Board of Trustees of Direxion Shares ETF Trust.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Direxion Daily Mid Cap Bull 3X Shares, Direxion Daily S&P 500^® Bull 3X Shares, Direxion Daily S&P 500^® Bear 3X Shares, Direxion Daily Small Cap Bull 3X Shares, Direxion Daily Small Cap Bear 3X Shares, Direxion Daily FTSE China Bull 3X Shares, Direxion Daily FTSE China Bear 3X Shares, Direxion Daily FTSE Europe Bull 3X Shares, Direxion Daily MSCI Emerging Markets Bull 3X Shares, Direxion Daily MSCI Emerging Markets Bear 3X Shares, Direxion Daily MSCI Mexico Bull 3X Shares, Direxion Daily MSCI South Korea Bull 3X Shares, Direxion Daily Aerospace & Defense Bull 3X Shares, Direxion Daily Consumer Discretionary Bull 3X Shares, Direxion Daily Dow Jones Internet Bull 3X Shares, Direxion Daily Dow Jones Internet Bear 3X Shares, Direxion Daily Financial Bull 3X Shares, Direxion Daily Financial Bear 3X Shares, Direxion Daily Healthcare Bull 3X Shares, Direxion Daily Homebuilders & Supplies Bull 3X Shares, Direxion Daily Industrials Bull 3X Shares, Direxion Daily Pharmaceutical & Medical Bull 3X Shares, Direxion Daily Real Estate Bull 3X Shares, Direxion Daily Real Estate Bear 3X Shares, Direxion Daily Regional Banks Bull 3X Shares, Direxion Daily Retail Bull 3X Shares, Direxion Daily S&P 500^® High Beta Bull 3X Shares, Direxion Daily S&P 500^® High Beta Bear 3X Shares, Direxion Daily S&P Biotech Bull 3X Shares, Direxion Daily S&P Biotech Bear 3X Shares, Direxion Daily Semiconductor Bull 3X Shares, Direxion Daily Semiconductor Bear 3X Shares, Direxion Daily Technology Bull 3X Shares, Direxion Daily Technology Bear 3X Shares, Direxion Daily Transportation Bull 3X Shares, Direxion Daily Utilities Bull 3X Shares, Direxion Daily 7-10 Year Treasury Bull 3X Shares, Direxion Daily 7-10 Year Treasury Bear 3X Shares, Direxion Daily 20+ Year Treasury Bull 3X Shares and Direxion Daily 20+ Year Treasury Bear 3X Shares (collectively referred to as the “Funds”), (40 of the funds constituting Direxion Shares ETF Trust (the “Trust”)), including the schedules of investments, as of October 31, 2024, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (40 of the funds constituting Direxion Shares ETF Trust) at October 31, 2024, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual Fund Constituting the Direxion Shares ETF Trust			Statement of Operations			Statements of Changes in Net Assets			Financial Highlights
Direxion Daily Mid Cap Bull 3X Shares Direxion Daily S&P 500® Bull 3X Shares Direxion Daily S&P 500® Bear 3X Shares Direxion Daily Small Cap Bull 3X Shares Direxion Daily Small Cap Bear 3X Shares Direxion Daily FTSE China Bull 3X Shares			For the year ended October 31, 2024			For each of the two years in the period ended October 31, 2024			For each of the five years in the period ended October 31, 2024

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)

Individual Fund Constituting the Direxion Shares ETF Trust			Statement of Operations			Statements of Changes in Net Assets			Financial Highlights
Direxion Daily FTSE China Bear 3X Shares Direxion Daily FTSE Europe Bull 3X Shares Direxion Daily MSCI Emerging Markets Bull 3X Shares Direxion Daily MSCI Emerging Markets Bear 3X Shares Direxion Daily MSCI Mexico Bull 3X Shares Direxion Daily MSCI South Korea Bull 3X Shares Direxion Daily Aerospace & Defense Bull 3X Shares Direxion Daily Consumer Discretionary Bull 3X Shares Direxion Daily Financial Bull 3X Shares Direxion Daily Financial Bear 3X Shares Direxion Daily Healthcare Bull 3X Shares Direxion Daily Homebuilders & Supplies Bull 3X Shares Direxion Daily Industrials Bull 3X Shares Direxion Daily Pharmaceutical & Medical Bull 3X Shares Direxion Daily Real Estate Bull 3X Shares Direxion Daily Real Estate Bear 3X Shares Direxion Daily Regional Banks Bull 3X Shares Direxion Daily Retail Bull 3X Shares Direxion Daily S&P Biotech Bull 3X Shares Direxion Daily S&P Biotech Bear 3X Shares Direxion Daily Semiconductor Bull 3X Shares Direxion Daily Semiconductor Bear 3X Shares Direxion Daily Technology Bull 3X Shares Direxion Daily Technology Bear 3X Shares Direxion Daily Transportation Bull 3X Shares Direxion Daily Utilities Bull 3X Shares Direxion Daily 7-10 Year Treasury Bull 3X Shares Direxion Daily 7-10 Year Treasury Bear 3X Shares Direxion Daily 20+ Year Treasury Bull 3X Shares Direxion Daily 20+ Year Treasury Bear 3X Shares
Direxion Daily Dow Jones Internet Bull 3X Shares Direxion Daily Dow Jones Internet Bear 3X Shares Direxion Daily S&P 500® High Beta Bull 3X Shares Direxion Daily S&P 500® High Beta Bear 3X Shares			For the year ended October 31, 2024			For each of the two years in the period ended October 31, 2024			For each of the four years in the period ended October 31, 2024 and the period from November 7, 2019 (commencement of operations) through October 31, 2020

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

We have served as the auditor of one or more of the Direxion investment companies since 2001.

Minneapolis, Minnesota

December 23, 2024

196

Direxion Shares ETF Trust

BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

Investment Advisory Agreement Approval

Consistent with the Investment Company Act of 1940, as amended (the “1940 Act”), the Board of Trustees (the “Board”) of the Direxion Shares ETF Trust (the “ETF Trust”) annually considers the renewal of the Investment Advisory Agreement (the “Agreement”) between Rafferty Asset Management, LLC (the “Adviser”) and the ETF Trust, on behalf of the Direxion Daily Mid Cap Bull 3X Shares, Direxion Daily S&P 500^® Bull 3X Shares, Direxion Daily S&P 500^® Bear 3X Shares, Direxion Daily Small Cap Bull 3X Shares, Direxion Daily Small Cap Bear 3X Shares, Direxion Daily FTSE China Bull 3X Shares, Direxion Daily FTSE China Bear 3X Shares, Direxion Daily FTSE Europe Bull 3X Shares, Direxion Daily MSCI Emerging Markets Bull 3X Shares, Direxion Daily MSCI Emerging Markets Bear 3X Shares, Direxion Daily MSCI Mexico Bull 3X Shares, Direxion Daily MSCI South Korea Bull 3X Shares, Direxion Daily Aerospace & Defense Bull 3X Shares, Direxion Daily Consumer Discretionary Bull 3X Shares, Direxion Daily Dow Jones Internet Bull 3X Shares, Direxion Daily Dow Jones Internet Bear 3X Shares, Direxion Daily Financial Bull 3X Shares, Direxion Daily Financial Bear 3X Shares, Direxion Daily Healthcare Bull 3X Shares, Direxion Daily Homebuilders & Supplies Bull 3X Shares, Direxion Daily Industrials Bull 3X Shares, Direxion Daily Pharmaceutical & Medical Bull 3X Shares, Direxion Daily Real Estate Bull 3X Shares, Direxion Daily Real Estate Bear 3X Shares, Direxion Daily Regional Banks Bull 3X Shares, Direxion Daily Retail Bull 3X Shares, Direxion Daily S&P 500^® High Beta Bull 3X Shares, Direxion Daily S&P 500^® High Beta Bear 3X Shares, Direxion Daily S&P Biotech Bull 3X Shares, Direxion Daily S&P Biotech Bear 3X Shares, Direxion Daily Semiconductor Bull 3X Shares, Direxion Daily Semiconductor Bear 3X Shares, Direxion Daily Technology Bull 3X Shares, Direxion Daily Technology Bear 3X Shares, Direxion Daily Transportation Bull 3X Shares, Direxion Daily Utilities Bull 3X Shares, Direxion Daily 7-10 Year Treasury Bull 3X Shares, Direxion Daily 7-10 Year Treasury Bear 3X Shares, Direxion Daily 20+ Year Treasury Bull 3X Shares, and the Direxion Daily 20+ Year Treasury Bear 3X Shares, each a series of the ETF Trust. The Agreement is initially approved for each series for a two-year period and must be renewed yearly thereafter to remain in effect. Each series of the ETF Trust is referred to herein as a “Fund” and collectively as the “Funds.”

At a meeting held on August 22, 2024, the Board, including those members of the Board (“Trustees”) who are not “interested persons” of the ETF Trust, as defined in the 1940 Act (the “Independent Trustees”), unanimously approved the renewal of the Agreement on behalf of the Funds. The Independent Trustees had previously considered information pertaining to the renewal of the Agreement outside the presence of the Adviser’s representatives and Fund management in executive sessions held on August 8, 2024 and August 22, 2024. The Board, including the Independent Trustees, determined that the terms of the Agreement for each Fund were fair and reasonable and that the renewal of the Agreement would be in the best interests of each Fund’s shareholders.

In considering whether to renew the Agreement, the Board requested, and the Adviser provided, information that the Board and Adviser believed to be reasonably necessary to evaluate the Agreement. Among other information, the Board obtained and reviewed the following:

• Information regarding the advisory services provided by the Adviser to each Fund;

• The investment objectives of each Fund, which require daily rebalancing and the utilization of complex financial instruments that are not typical of traditional index-tracking exchange-traded funds (“ETFs”);

• The level of attention and services required by the Adviser due to the frequent and large trading activity in the various Funds;

• Information regarding the professional qualifications of the Adviser’s management team and those employees primarily responsible for providing services to the Funds;

• Information regarding each Fund’s contractual advisory fee rate for the prior fiscal year;

• Information regarding advisory fees earned and waivers made by the Adviser in connection with providing services to each Fund for the two prior fiscal years and fiscal year to date or since inception, if shorter;

• Information regarding the services provided by and the fees paid to the Adviser under the Management Services Agreement for the prior year as separate and distinct from the fees paid and the services provided under the Agreement;

• Fund performance information, including in terms of tracking error relative to the underlying index on a statistical and model basis;

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• Comparative industry fee data, including peer group comparisons, which the Adviser has expanded to reflect the growing number of peers;

• Information regarding the costs investors would incur if they sought to implement independently the Funds’ strategies within their personal portfolios;

• The Adviser’s Form ADV; and

• Information regarding the consolidated financial condition and profitability of the Adviser, including how economies of scale are shared with the Funds through reimbursements and waivers, including breakpoints.

The Board considered that, with respect to most Funds, they had also received information relevant to their annual review of the Agreement since each Fund’s inception and, most recently, throughout the past year at executive sessions and regular Board meetings in connection with their routine oversight of the Funds. In this regard, the Trustees noted that they receive at least quarterly reports on the Funds’ performance and information bearing on the Adviser’s and Funds’ regulatory compliance. In addition, the Board received a memorandum from counsel regarding its responsibilities with respect to the approval of the Agreement and participated in a question-and-answer session with representatives of the Adviser. The Board carefully evaluated the relevant information, and the Independent Trustees were advised by independent legal counsel with respect to their deliberations.

For each Fund, the Board considered, among other matters, the following factors to the extent applicable: (1) the nature, extent, and quality of the services provided by the Adviser; (2) the investment performance; (3) the profitability of the Fund and the advisory business to the Adviser; (4) the extent to which economies of scale might be realized as the Fund grows and to which the advisory fee rate reflects any economies of scale for the benefit of the Fund’s shareholders; (5) how the Agreement compares in terms of services and fees with contracts entered into by Adviser’s competitors with Peer Funds (as defined below); and (6) other benefits derived or anticipated to be derived by the Adviser from its relationship with the Fund. The Board did not identify any particular information that was determinative to its approval of the Agreement, and each Trustee may have afforded different weight to different factors.

Nature, Extent and Quality of Services Provided. The Board reviewed, among other matters, the Adviser’s business, assets under management, financial resources and capitalization, quality and quantity of personnel, investment and related experience, the variety and complexity of its investment strategies, brokerage practices, the adequacy of its risk and compliance systems and processes, and its reinvestment in each of these areas of the business. The Board reviewed the scope of services provided, and to be provided, by the Adviser under the Agreement and noted there would be no significant differences between the scope of services provided by the Adviser in the past year and those to be provided in the upcoming year. The Board considered the Adviser’s representation to the Board that it would continue to provide services that are of materially the same quality as the services that have been provided to the Funds in the past, and it considered whether those services remain appropriate in scope and extent in light of the Funds’ operations and the competitive and regulatory landscape.

The Board focused on the quality of the Adviser’s personnel, operations, systems and processes required to manage the Funds effectively, noting that such personnel, systems and processes have been consistently enhanced over time and may not be present at other investment advisers. The Board considered, as applicable: (1) the Adviser’s success in achieving each Fund’s daily leveraged investment objective; (2) differences between managing leveraged and non-leveraged portfolios, which include developing index optimization, representative sampling and tax-conscious investment strategies as well as specialized agreements and skills for trading and monitoring complex financial instruments; (3) information regarding the Adviser’s management, including risk management, of derivatives trading activities on behalf of the Funds, including the selection of swap counterparties and the negotiation of favorable swap contract terms; (4) the Adviser’s ability to manage the Funds in a tax efficient manner; (5) the Adviser’s adherence to its and the Funds’ compliance policies and procedures; and (6) the size, professional experience and skills of the Adviser’s portfolio management staff and the Adviser’s ability to recruit, train, and retain personnel with the relevant experience and expertise necessary to manage the Funds. The Board considered that the Adviser oversees all aspects of the operation of the Funds.

Comparison of Advisory Services and Fees. The Board considered the fairness and reasonableness of the investment advisory fee rate payable to the Adviser by each Fund in light of the investment advisory services provided by the Adviser. In this regard, the Board considered the ability of investors to achieve independently the investment

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objectives of the Funds and the costs to investors of seeking to do so by utilizing a margin account or other means. To this end, the Board reviewed information provided by the Adviser comparing the cost for shareholders to replicate the Funds’ leveraged and inverse investment strategies by other means. The Board noted that in past years an independent consultant (the “Consultant”) had reviewed such cost comparison information and determined the methodology used to be unbiased and comprehensive and to constitute a sound and objective approach to conducting a cost comparison analysis. The Board concluded that it would be time- and resource-intensive for an investor to implement independently any Fund’s investment strategy. The Board also concluded that doing so would likely be cost-prohibitive. From this perspective, the Board noted the cost effectiveness for investors investing in and trading the Funds to seek to achieve their stated investment objectives.

The Board further considered the fairness and reasonableness of the investment advisory fee rate payable to the Adviser by each Fund in light of fee rates paid by other investment companies offering strategies similar in nature to the Fund. In this regard, the Board reviewed information prepared by the Adviser, using data provided by Morningstar, Inc., to compare the Funds’ advisory fee rates, and gross and net expense ratios with those of other ETFs that have a similar asset size, investment objective and, if applicable, industry focus (“Peer Group”). The Board noted that in past years the Consultant had reviewed the Adviser’s Peer Group selection methodology and each then-operational Fund’s resulting Peer Group and determined that the methodology was reasonable, well-documented, transparent, repeatable and well within industry standards. The Board noted the historic difficulty in compiling a broad and diverse Peer Group for the Funds because, by design, each Fund is unique and, therefore, few (if any) fund complexes have funds with substantially similar investment objectives and operations. They observed, however, that regulatory changes since 2020, including the adoption by the U.S. Securities and Exchange Commission (“SEC”) of an ETF rule, have resulted in more ETF sponsors operating and offering leveraged and inverse strategies, and that this development allows the Board to consider information from somewhat broader Peer Groups for the Funds than in the past.

The Board noted that the comparison reports included the contractual advisory fee rate and the net and gross expense ratios for each Fund and each fund in its Peer Group (“Peer Funds”). With respect to the Funds, the Board observed the similarity of the contractual advisory fee rates and the net and gross total expense ratios charged by the Funds and their Peer Funds. The Board considered that the Adviser had agreed to limit the total expenses of the Funds (subject to certain exclusions) for the next year by contractually agreeing to pay certain expenses of the Funds under a separate Operating Expense Limitation Agreement. Additionally, the Board considered that the Adviser had agreed to breakpoints in its investment advisory fee rate schedule at various average annual net asset levels for the Funds under the Advisory Fee Waiver Agreement.

Performance of the Funds. In evaluating the performance of the Funds, the Board considered the extent to which the Funds tracked the daily leveraged or inverse performance of their underlying index. To evaluate the Funds’ tracking of their underlying indices, the Trustees reviewed two measures of tracking error – namely, the correlation of each Fund’s returns to model returns for the periods ending June 30, 2024 and June 30, 2023, or since inception if a Fund did not have two full years of operations (“Tracking Difference”), and the standard deviation of daily Tracking Differences (“Statistical Tracking Error”). They also reviewed a tracking analysis provided by the Adviser. The Board also considered the total return of each Fund for the one-year period ended June 30, 2024, or since inception, if shorter. The Board considered reports provided to it in anticipation of the August 8 executive session and the August 22 executive session and meeting, as well as performance reports provided at regular Board meetings throughout the year. The Board noted that each Fund’s Tracking Difference was generally within expected ranges, particularly in light of higher interest rates, which contributed to larger Tracking Differences. The Board considered that, given the investment objectives of the Funds, the correlation of each such Fund’s performance with the model performance and/or Statistical Tracking Error may be regarded as more meaningful indicia of the quality of the Adviser’s management services than a Fund’s total return, but observed that certain Funds’ total returns were high, including where not highly correlated with the model return.

Costs of Services Provided to the Funds and Profits Realized by the Adviser. The Board reviewed information regarding the profitability of the Funds to the Adviser based on the fee rates payable under the Agreement. The Board considered the profitability of each Fund to the Adviser and the overall profitability of the Funds to the Adviser, as reflected in the Adviser’s profitability analysis. In reviewing these materials, the Board considered information provided by the Adviser concerning the methodology it used to allocate various expenses. The Board considered that the Consultant had previously reviewed the profitability information provided by the Adviser and concluded that the

199

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Adviser’s methodology for assessing and presenting its profitability annually is transparent and consistent year to year. The Board considered that the Consultant had characterized the materials requested by and provided to the Board as extensive, thoughtful and robust, and providing a reasonable basis for the Board’s deliberations. Against this background, the Board considered that, for the 2024 contract review process, the materials presented by the Adviser to the Board, including the Adviser’s methodology and presentation of profitability, were consistent with the materials evaluated by the Consultant.

In order to assess the reasonableness of the profitability of each Fund and the ETF Trust to the Adviser, the Board considered significant drivers of cost for the Adviser, including, but not limited to, its acceptance of entrepreneurial risk, its expenditure of intellectual capital, its dedication of personnel resources to daily portfolio management activities, such as creation and redemption activity and the daily rebalancing of their portfolios), regulatory compliance and risk mitigation. The Board also reviewed a report provided by the Adviser on the profitability of publicly-held financial services firms with material asset management businesses. In weighing this information, which was compiled by the Adviser using SEC filings and other publicly available documents, the Board considered that, according to the Consultant, the profitability of closely held advisers, such as the Adviser can vary significantly from the profitability of diversified financial services companies, such as those included in the Adviser’s materials for several reasons. For example, to the extent such information is even available, it is often affected by numerous factors, including the nature of a firm’s investor and fund shareholder base, the structure of the adviser and its tax status, the types of funds it manages, its business mix, assumptions regarding allocations and the reporting of operating profits and net income (net rather than gross of distribution and marketing expenses). For these reasons, the Board recognized that it is difficult to assess the reasonableness of the Adviser’s profitability by comparing it to the profitability of publicly reporting investment advisory firms. Further, the Board considered that the assets under management (“AUM”) in the Funds and the Adviser’s annual profitability may be more variable than the AUM and profitability of other advisers in light of the tactical nature of the strategies pursued by most of the Funds and in light of other advisers having more diversified financial services business lines.

Economies of Scale. The Board considered the Adviser’s advisory fee schedule for each Fund as set forth in the Agreement and, when applicable, modified by the breakpoints included in the Advisory Fee Waiver Agreement. The Board considered that the Advisory Fee Waiver Agreement results in several of the Funds, including the largest Funds, paying reduced advisory fee rates and that the Advisory Fee Waiver Agreement applies to most of the Funds in the ETF Trust. The Board also considered Rafferty’s explanation as to why the breakpoints in the Advisory Fee Waiver Agreement are appropriate and allow the Funds to share in economies of scale. In this regard, among other information, the Board considered the fee schedule breakpoints, if any, of the Peer Funds. The Board considered that a report that examined the Adviser’s approach to sharing economies of scale with the Funds had previously been provided by the Consultant and that that report indicated that breakpoints are not ubiquitous in the fund industry, particularly among ETFs. The Board further considered that, according to the report, many funds (including ETFs) that do have breakpoints in their advisory fee schedules do not achieve sufficient asset levels for the breakpoints to actually reduce the advisory fee rates. In this regard, the Board noted that the breakpoints in the Advisory Fee Waiver Agreement reduce the advisory fee rate charged to Funds with respect to assets in excess of only $1.5 billion in average annual net assets and further reduce the advisory fee rate until they reach $4.5 billion in average annual net assets.

Other Benefits. The Board considered indirect and “fall-out” benefits that the Adviser or its affiliates may derive from their relationship to the Funds. In this regard, the Board noted that the Funds pay a fee to the Adviser under the Management Services Agreement and such payment is a fall-out benefit. Another benefit to the Adviser of the Funds is the Adviser’s ability to leverage its investment management personnel or infrastructure to manage other accounts.

Conclusion. Based on, but not limited to, the above considerations, the Board, including the Independent Trustees, determined that the Agreement for the Funds was fair and reasonable in light of the nature, extent and quality of the services to be performed, the fee rates to be paid, the Adviser’s expenses and profitability, the ability of various Funds to share in potential economies of scale, and such other matters as the Board considered relevant in the exercise of its business judgment. Accordingly, the Board concluded that the continuation of the Agreement was in the best interests of the Funds and their shareholders. On this basis, the Board voted in favor of the renewal of the Agreement with respect to each Fund.

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Supplemental Information (Unaudited)

Federal Tax Status of Dividends Declared during the Tax Year

For Federal income tax purposes, dividends from short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction (“DRD”), the individual qualified dividend rate (“QDI”), the qualified interest income rate (“QII”), and the qualified short-term gain rate (“QSTG”) is presented below.

Funds			DRD			QDI			QII			QSTG
Direxion Daily Mid Cap Bull 3X Shares			63.86%			63.86%			0.00%			0.00%
Direxion Daily S&P 500® Bull 3X Shares			12.68%			12.68%			0.00%			0.00%
Direxion Daily S&P 500® Bear 3X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily Small Cap Bull 3X Shares			13.55%			13.55%			0.00%			0.00%
Direxion Daily Small Cap Bear 3X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily FTSE China Bull 3X Shares			48.96%			48.96%			0.00%			0.00%
Direxion Daily FTSE China Bear 3X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily FTSE Europe Bull 3X Shares			59.15%			59.15%			0.00%			0.00%
Direxion Daily MSCI Emerging Markets Bull 3X Shares			1.85%			1.85%			0.00%			0.00%
Direxion Daily MSCI Emerging Markets Bear 3X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily MSCI Mexico Bull 3X Shares			27.83%			27.83%			0.00%			0.00%
Direxion Daily MSCI South Korea Bull 3X Shares			36.04%			36.04%			0.00%			0.00%
Direxion Daily Aerospace & Defense Bull 3X Shares			5.23%			5.23%			0.00%			0.00%
Direxion Daily Consumer Discretionary Bull 3X Shares			64.80%			64.80%			0.00%			0.00%
Direxion Daily Dow Jones Internet Bull 3X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily Dow Jones Internet Bear 3X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily Financial Bull 3X Shares			62.03%			62.03%			0.00%			0.00%
Direxion Daily Financial Bear 3X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily Healthcare Bull 3X Shares			95.50%			95.50%			0.00%			0.00%
Direxion Daily Homebuilders & Supplies Bull 3X Shares			1.52%			1.52%			0.00%			0.00%
Direxion Daily Industrials Bull 3X Shares			7.23%			7.23%			0.00%			0.00%
Direxion Daily Pharmaceutical & Medical Bull 3X Shares			70.93%			70.93%			0.00%			0.00%
Direxion Daily Real Estate Bull 3X Shares			45.55%			45.55%			0.00%			0.00%
Direxion Daily Real Estate Bear 3X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily Regional Banks Bull 3X Shares			23.72%			23.72%			0.00%			0.00%
Direxion Daily Retail Bull 3X Shares			74.04%			74.04%			0.00%			0.00%
Direxion Daily S&P 500® High Beta Bull 3X Shares			63.78%			63.78%			0.00%			0.00%
Direxion Daily S&P 500® High Beta Bear 3X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily S&P Biotech Bull 3X Shares			58.38%			58.38%			0.00%			0.00%
Direxion Daily S&P Biotech Bear 3X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily Semiconductor Bull 3X Shares			8.14%			8.14%			0.00%			0.00%
Direxion Daily Semiconductor Bear 3X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily Technology Bull 3X Shares			6.57%			6.57%			0.00%			0.00%
Direxion Daily Technology Bear 3X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily Transportation Bull 3X Shares			21.71%			21.71%			0.00%			0.00%
Direxion Daily Utilities Bull 3X Shares			38.33%			38.33%			0.00%			0.00%
Direxion Daily 7-10 Year Treasury Bull 3X Shares			76.37%			76.37%			0.00%			0.00%
Direxion Daily 7-10 Year Treasury Bear 3X Shares			0.00%			0.00%			0.00%			0.00%
Direxion Daily 20+ Year Treasury Bull 3X Shares			73.95%			73.95%			0.00%			0.00%
Direxion Daily 20+ Year Treasury Bear 3X Shares			0.00%			0.00%			0.00%			0.00%

The Funds are designating as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax year ending October 31, 2024. To the extent necessary to fully distribute such capital gain, the Funds also designate earnings and profits distributed to shareholders on the redemption of shares.

201

(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

There were no changes in or disagreements with accountants during the period covered by this report.

Item 9. Proxy Disclosure for Open-End Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

For the fiscal year ended October 31, 2024, the aggregate remuneration the Registrant paid the trustees, all members of any advisory board and any officers are included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7(a) of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

See Item 7(a).

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 16. Controls and Procedures.

(a) The Registrant’s [Principal Executive Officer] and [Principal Financial Officer] have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable

Item 19. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.

(2) Not applicable.

(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a2(a)). Filed herewith.

(4) Not applicable.

(5) Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Direxion Shares ETF Trust

By (Signature and Title)	/s/ Patrick J. Rudnick
	Patrick J. Rudnick, Principal Executive Officer

Date 1/3/2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Patrick J. Rudnick
	Patrick J. Rudnick, Principal Executive Officer

Date 1/3/2025

By(Signature and Title)	/s/ Corey Noltner
	Corey Noltner, Principal Financial Officer

Date 1/3/2025